Bitcoin Is Not Crashing, It’s Coiling: Analyst Predicts Massive BTC Breakout Next

Bitcoin had a phenomenal year that started after 2024’s US presidential elections and culminated in early October with a surge to a new all-time high of over $126,000. The asset also spent several consecutive months within a six-digit price territory, and it enjoyed a healthy demand for the spot Bitcoin ETFs alongside different sorts of adoption.

However, the landscape since that aforementioned new peak has been quite different. Its price tumbled by over 30% and sits well below $90,000 as of press time. As such, the sentiment has flipped to mostly bearish, with numerous analysts calling for the start of a new such phase. Merlijn The Trader, though, sees things differently.

BREAKING:

THIS ISN’T A CRASH.
IT’S A COIL.

Raoul Pal just spelled it out:

The old 4-year halving cycle is over.
We’re in a liquidity-driven supercycle.

For 15 years the script was simple:
Halving. Supply shock. Retail mania. Top. Winter.

That ended when $125B+ ETFs,… pic.twitter.com/zlwY1jQ5Lv

— Merlijn The Trader (@MerlijnTrader) December 19, 2025

Coiling, Not Crashing

Citing a recent interview by Raoul Pal, in which he argued that the four-year cycle narrative is over and BTC is now driven by liquidity as it explains 90% of its price action, Merlijn explained that the asset’s initial phase has ended when ETFs, sovereigns, and macro funds turned it into a global commodity.

Further, both noted that they aim to trade liquidity, not calendars, and outlined the significant changes coming for next year:

– Business cycle bottoming

– Fiscal stimulus loading

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– Global money printer warming up

– Institutions forced to chase

Merlijn concluded that corrections are not the end of the bull markets anymore: instead, he called them “slingshots.” Consequently, he warned traders that they need to adapt to the new BTC cycle version:

“Trade like it’s the old cycle that no longer exists.

Or position for the exponential curve already in motion.”

$600K in 2026?

Given the price movements over the past couple of months, it’s difficult to speculate about massive increases in 2026. However, pseudonymous analyst Wise Crypto recently did that and highlighted a mindblowing target of up to $600,000 next year if all factors align in a perfect crypto storm.

Some of those include the highly anticipated end to the Fed’s quantitative tightening, additional rate cuts, improving short-term liquidity through Treasury bill support, and the US mid-term election cycle, all of which should lean in favor of risk assets.