Bitcoin is sitting on its first true make-or-break support of the cycle, and the market is now in what crypto analyst Dom (@traderview2) calls a “fork in the road.” His message is direct: if Bitcoin cannot stabilize and reclaim key levels quickly, the structure that has defined this entire run breaks for the first time — and he’s positioning for downside.
Dom’s base case is not a classic crypto winter. He does not expect an 80% wipeout. Instead, he’s warning that the next few days will decide if Bitcoin can defend the “staircase” structure that has held all cycle. If that breaks, he expects a controlled but persistent retrace — not a collapse, but not continuation either.
“I don’t think that we’re going into a year and a half bear market like we always have,” he said. “Those are a thing of the past… unless the world goes into a terrible recession like Great Depression type thing.”
The key line he’s watching for Bitcoin is roughly the $111,000–$114,000 region, which he referenced in the context of reclaimed resistance and VWAP levels. “If it doesn’t regain that in a quick timeframe, I think we need to get ready for a larger breakdown and that’s going to be sub $100K,” he said. His first target on breakdown is near $98,500, which lines up with what he called the 12-month rolling VWAP — “our bull market band this entire cycle.”
Below that, he’s looking at whether buyers step in aggressively or not at all. That reaction, he says, will decide if $95,000 is a local wipeout and reset, or the start of something worse.
The reason he considers this moment “do or die” is that, unlike earlier legs in the cycle, Bitcoin is no longer bouncing instantly from support. Throughout the advance, Dom says, Bitcoin followed a single clean pattern: break a major resistance, retest it once, and explode higher. “Any time that we cleared resistance, we held that as support,” he said. “It’s been a perfect pattern throughout the entire cycle.”
“Somebody does not believe that this is a discount,” he said. “We’ve had so many bounces at the same price and buyers just aren’t interested. What’s going to get them interested? Logically lower prices.”
This is classic auction theory for him. In strong uptrends, the first retest of a key level is bought instantly because participants see it as cheap. Now, he says, order flow shows hesitation, not urgency. That is how tops actually form in crypto: not one dramatic candle, but buyers refusing to defend the same level for the fifth time.
He also pointed directly to shallow liquidity on major spot books. On Coinbase, he said, “these order books are empty… nobody’s saving us down here.” He described only thin passive bid interest near $100,000 — “that’s only 170 Bitcoin. That’s really not much” — and heavy active sell pressure on Binance. “People are actively market selling… and we don’t have anyone on the other side to absorb that pressure.” His conclusion: this is exactly the setup that precedes fast air-moves lower if a key level breaks.
That fragility is not hypothetical. Dom says the October 10 crash already proved how dependent crypto still is on a handful of market makers. “We basically slid through an empty order book,” he said. “It proves how fragile crypto really is… If their risk systems say, ‘Hey, we’re not going to quote this,’ markets are going to crash like they did.”
Still, Dom is not in the “cycle is over forever” camp. He thinks the market has changed structurally and that most traders are still using a 2021 mental model in a 2025 market.
He also pointed out that this cycle barely doubled the old all-time high instead of going vertical, and even printed new highs before the halving. In his view, if the upside blow-off was muted and institutional, the downside is likely to be muted and institutional.
At press time, BTC traded at $110,280.
