Analysts See Strong Bitcoin Rally, But Profit-Taking Risk Remains

Bitfinex analysts say Bitcoin's move to multi-month highs was driven mainly by spot buying, not leverage, implying a longer-lived rally than a short squeeze. However, a large share of coins are now in profit and could trigger 2026's largest wave of profit-taking, creating meaningful downside risk. Net implication: momentum may continue near term but markets face elevated vulnerability to heavy sell pressure if profit-taking accelerates.