Veteran trader Brent Donnelly is preparing to buy more Bitcoin if the market sells off, placing standing bids at $94,000 and $82,000 to catch what he called a potential “freakout.” Donnelly, president of Spectra Markets, said the near-term technical picture lacks a coherent bullish narrative and that BTC is trading more like a risky asset than a store of value.
His view blends technical and macro commentary: he points to a double top formation on BTC’s chart after a weekend drop following Fed commentary at Jackson Hole. The market broke below the prior high of $111,982, then bounced back to retest that level — a classic breakdown-and-retest that now sets it up as resistance.
Donnelly also sees waning momentum from corporate adoption trends — so-called digital asset treasuries (DATs) — and warns that the post-halving seasonal pattern (bull peak roughly 16–18 months after halving, followed by a roughly year-long bear phase) may be reasserting itself after April 2024’s halving. Other market participants counter that the widespread use of spot ETFs and reduced miner selling (now under 5% of volume in some analyses) have altered or muted traditional halving dynamics.
Technically, a clean break back above the retest level would ease bearish pressure; failure to hold would strengthen the double-top case and open the path to deeper declines. Friday’s U.S. nonfarm payrolls (NFP) report is an immediate macro risk — a stronger-than-expected print could dent hopes for Fed rate cuts and push BTC lower. Traders have already been hedging by buying put options on the CME.
What this means for traders: Standing bids at lower levels are a deliberate, risk-managed play to pick up exposure if volatility spikes. This is not investment advice — market timing is difficult, and technical patterns can fail. Position sizing, stop-loss discipline and understanding macro drivers remain critical.
Source: CoinDesk. Read the original coverage for full details.
