Bitcoin price ignores PCE inflation as bears eat through $109K support

Bitcoin has experienced a sharp price drop in recent days, but one well-followed crypto analyst remains undaunted. Popular chartist Egrag Crypto says Bitcoin is still in a bull market, even with the pullback. He believes what is happening now is only part of a larger repeating pattern that has played out since the end of 2022. According to him, this cycle is not over yet, and the market still has another strong upward move before an actual bear phase begins. 

Bitcoin Holds Strong Above Key Levels

Egrag Crypto explains that Bitcoin follows a clear pattern that has been in place since December 2022. First, the price surges upward, then it retests support, bounces back, corrects slightly, and makes a new local high. 

Right now, the most critical level to watch is $103,000. As long as Bitcoin does not fall below that level, Egrag says there is no real danger. Instead, he expects one more big pump to arrive before the cycle tops out. His personal target for this move is between $150,000 and $175,000. In his view, this would mark the last push of the current bull run before the market flips to its next bear phase.

Egrag stresses that corrections along the way are normal and should not cause panic. He believes traders often get caught up in short-term drops without realizing that they are only part of a larger trend. Looking at the bigger picture, it is clear that the Bitcoin bull market still has room to run. 

Market Parallels With Gold Suggest Bull Run Is Intact

Egrag Crypto also draws a strong comparison between Bitcoin and gold. He points out that many analysts once thought gold had peaked at a technical target of $3,500. Instead, the price continued to rise due to what he calls a short squeeze. This sudden surge, he says, was meant to trap retail buyers into a “suckers rally.”

He notes that gold demand is currently so high that even shop owners with decades of experience say they have never seen business like this. To Egrag, this kind of hype is usually a warning that the cycle is near its top. He expects gold to eventually fall by $600 to $1,000 once Russia and Ukraine restore peace, a move that he believes would once again confirm the cyclical nature of the market.

For Bitcoin, the same lesson applies. Despite loud voices calling the bull run over, Egrag insists that the cycle is still alive. He views the current downturn as merely a pause before another significant surge. He plans to invest around $30,000 in the following macro cycle and later rotate into strong altcoins. In his view, staying patient and respecting cycles is the most effective approach.

Digital asset treasury bull Peter Smith, co-founder and CEO of Blockchain.com, sees the trend of publicly-listed companies adopting crypto treasury strategies continuing for some time, although he expects a wave of mergers and acquisitions.

"More and more are going to come, until we run out of management teams or shells. Capitalism is awesome like that," Smith told The Block. "At some point, though, we sort of run out of steam, and then it gets really interesting because then you’ll see a lot of consolidation ... the really good management teams and sponsors will consolidate a lot of the space at a preferential capital stack."

Earlier this week, Vivek Ramaswamy's Bitcoin DAT Strive reached an agreement to acquire Semler fellow Bitcoin treasury Semler Scientific, which will result in a new company that holds nearly 11,000 BTC ( over $1 billion). Benchmark analyst Mark Palmer said smaller firms with meaningful crypto reserves but lower valuations are natural candidates for stock-for-stock tie-ups.

Smith said Blockchain.com has been perhaps one of the busiest firms active in the DAT space. His company has invested over $200 million in about a dozen companies, including Bitcoin-based DAT ProCap Financial, Ethereum treasury BitMine Immersion, and Toncoin DAT Ton Strategy.

The long-time crypto executive said that while taking over small-cap shell companies and giving them a new purpose is nothing new —Smith said biotechs have been using shells and PIPEs (private investments in public equity) for years— the move to use these tactics to accumulate a specific digital asset was inspired by Michael Saylor's Strategy.

Treasuries evolved beyond Bitcoin

Strategy, formerly MicroStrategy, demonstrated that accumulating crypto, specifically Bitcoin in its case, could translate into a major increase in shareholder value. Then, earlier this year, a host of smaller Nasdaq-listed companies decided to follow in Strategy's footsteps and began rebranding as DATs.

The first wave bought bitcoin and ethereum; the next broadened the model with altcoin-based treasury models. Now there are DATs dedicated to stockpiling XRP, Dogecoin, BNB, and others.

Currently, only those crypto treasuries holding either Bitcoin, Ethereum, or Solana, combined, possess over $120 billion in digital assets, according to The Block Data Dashboard. Fresh capital has fueled the growth, with DATs pulling in over $20 billion in VC funding so far this year.

Some have been critical of the DAT explosion. Last month, Komoto CTO Kadan Stadelmann called the trend "self-dealing, dressed up as capital deployment." This week, The Wall Street Journal reported U.S. regulators are investigating potentially suspicious stock trading patterns that occurred before publicly listed DATs announced plans to buy crypto. The inquiries are focused on unusual trading patterns, including abnormally high trading volumes and sharp stock price increases in the short periods preceding public announcements.

Two types of digital asset treasuries

Smith considers there to be two types of DATs.

"There are two reasons to have a DAT and they're distinct. One is a DAT as an investment vehicle and the other is as a replacement for foundations," he said.

In the case of an "investment DAT," Smith said investors buy shares in the hopes the management team behind the publicly-traded treasury will generate more value, thanks to their financing and ability to get tokens at a discount, than an investor could on their own by simply holding a cryptocurrency on spot.

Smith, however, believes "there's probably more risk" in buying shares in a DAT than in "holding spot."

In the case of an "ecosystem DAT," it's about "replacing these foundations with C-Corps that eventually go public," Smith said. "People forget all these Cayman or Swiss foundations that we have in crypto are a direct result of bad regulation."

Smith has been watching crypto evolve for a considerable amount of time, given that Blockchain.com was founded in 2011. The company was also an early success story, raising capital at a $14 billion valuation in 2022.

"We couldn't have a Delaware C-Corp ... that's where most tech startups are ... so the foundation, it was just a regulatory arbitrage," said Smith.

He's confident DATs are here to stay: "It's a sector and a vertical that's going to be here on a permanent basis."

Besides investing in DATs, Smith Blockchain.com is also extremely active in servicing digital asset treasuries by providing custody, trading, and staking services.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

What really is altcoin season?

Altcoin season, often called “altseason,” occurs when a significant portion of altcoins, cryptocurrencies other than Bitcoin, experience rapid price increases that outpace Bitcoin’s performance.

This period is characterized by a shift of investor capital from Bitcoin into assets such as Ether , Solana , Cardano (ADA) and even smaller tokens like Dogecoin or Pudgy Penguins (PENGU).

The Altcoin Season Index is frequently used as a benchmark. Per Blockchain Center’s definition, altseason is considered underway when at least 75% of the top 100 altcoins outperform Bitcoin over a 90-day period.

TL;DR

Weekly Structure Builds Toward Breakout Zone

XRP has continued to trade within a symmetrical triangle pattern on the weekly chart. The structure has held for nearly a year, with the price now moving close to the upper trendline near $3.44. According to market analyst EGRAG CRYPTO, this level marks a potential breakout point. If cleared, XRP could target a move toward $7.34 based on the range of the formation.

The setup includes multiple Bullish Engulfing candles, which in past cycles have appeared before upward moves. These patterns have been noted in early 2025, with similar formations seen earlier in XRP’s trading history. EGRAG pointed out,

“The next time we see a Bullish Engulfing Candle on the weekly chart, XRP could shoot up to new all-time highs.”

Interestingly, the current weekly chart shows XRP remaining above a key support denoted as the Bull Market Support Band. This support has remained intact in recent weeks, as observed from the chart where it is drawn as a curved ribbon. It must hold for any structure to remain intact.

EGRAG mentioned that price movement inside this band has been stable. Traders have continued to defend the range, with no confirmation yet of a breakdown. This suggests the market remains in a controlled phase while waiting for a clearer signal.Support Levels Below Remain Active

Two levels on the downside have been marked as areas of interest in case of further weakness. One is $2.60, sitting near the center of the triangle. The other is $2.37, which is near the 0.618 retracement level. EGRAG noted this area could offer a final low before any potential rally. They said,

“If we hit $2.37 before the next rise, it’s your chance to buy cheap.”

XRP was priced at $2.72 at press time, reflecting a 3% decline in the past 24 hours and an 11% drop over the last week. Trading volume stands above $9 billion for the same period.Compression Pattern Signals Move Ahead

Sistine Research has also found a tightening price range on the weekly chart. This would be a third compression phase since the last United States election, having all compressed at a higher price level. The present range is the narrowest of all.

Sistine noted that order book liquidity has thinned, and most activity is now centered near the current price. They added,

Expecting a large expansionary move from XRP soon (within months).

As the price action compresses, so does the orderbook, with most liquidity compressing into a tighter and tighter range.

This results in very large gaps in liquidity.

XRP is on its 3rd compression since the… pic.twitter.com/hjRVzeK8wc

— Sistine Research (@sistineresearch) September 24, 2025

The setup mirrors previous cycles in 2017, 2021, and 2025, all of which led to strong price moves.

Bitcoin's pseudonymous creator, Satoshi Nakamoto, is believed to hold an estimated 1.096 million BTC, according to Arkham data. Satoshi's wallet, which made all its holdings from mining the network in its earliest days, has remained untouched since 2010, when it was run on a few laptops.

Satoshi accumulated this Bitcoin, mining over 22,000 blocks between 2009 and 2010. He was one of the first few miners of Bitcoin, with block rewards nearing over 50 BTC at the time.

According to Arkham data, Satoshi Nakamoto's Bitcoin stash is currently worth $119,640,092,296 ($119.64 billion) at a current Bitcoin price of $109,125.

With a current Bitcoin worth of $119.64 billion, Satoshi Nakamoto ranks among the wealthiest individuals on the planet, but none of the BTC has ever been moved.

Satoshi's Bitcoin holdings' fate predicted

Satoshi's Bitcoin holdings, accumulated from early network mining, have been untouched since 2010, but recent concerns about Quantum computing seem to be shifting this narrative.

In light of this, Capriole Fund Founder Charles Edwards speculates on what the fate of Satoshi coins might be: they could be market dumped.

As quantum computing continues to advance, timelines for when a sufficiently powerful quantum computer could crack modern encryption algorithms are emerging.

Edwards gives this timeline to be 2-8 years (which would be from 2027 to 2033), stating this range to be "scientifically calculated timelines."

The timeline of when cryptocurrency encryption standards might be cracked by a sufficiently powerful quantum computer is causing debate among blockchain developers, as well as when migration to quantum-resistant cryptography must occur. Edwards indicated that the time to upgrade Bitcoin is now, as it is running out of time.