Bitcoin Just Flipped! Is the Bottom Finally In? w/ Kris Bullock & Bijan Maleki | Trading the Markets August 26, 2026

The recent price action in Bitcoin has generated optimism among traders, particularly following a significant short squeeze that resulted in some of the largest liquidations in Bitcoin history. However, Kris Bullock warns that this price movement was largely driven by mechanical buying due to liquidations rather than genuine retail interest. He notes that recent ETF inflows have reached their largest weekly totals year to date, indicating a reversal of the previous downtrend and surpassing treasury holdings.

Bullock predicts that the trend in ETF holdings is likely to continue upward, reflecting a positive shift in market sentiment. The Coinbase Premium Index also shows renewed interest from US retail buyers, trending back towards zero. Despite these positive indicators, Bullock emphasizes that Bitcoin has not yet fully flipped positive and remains in a state that requires further confirmation of a long-term uptrend. He points out that the bull market support band has risen to 52, suggesting a significant trend shift, but cautions that a solid month or two of closing above the monthly mega trend line is necessary to confirm a transition to a bull market.

Bijan Maleki adds that while momentum is reversing strongly to the upside, it should not be interpreted as a definitive bottom signal but rather as a confirmation of a confluence signal. He believes that if current trends continue, Bitcoin may emerge from a bear market bottoming pattern into a new structural uptrend. Both analysts agree that the recent rise in Bitcoin price indicates that new buyers are now in profit, which could lead to increased buying pressure.

Maleki notes that financial conditions have shifted into neutral territory, favoring Bitcoin, and that money is moving out of safe haven accounts towards riskier assets. Bullock highlights that a major shift in Bitcoin's sentiment has occurred, but final confirmation is needed for sustained momentum. He mentions that Hyperliquid has set a new all-time high, while other assets like Solana and Ethereum are showing strong sideways price action. However, he expresses skepticism about Bitcoin BSV's performance and notes that Swede's recent buyback of tokens has not positively impacted its chart performance.

Bullock discusses the current state of various cryptocurrencies, noting that Sui is underperforming compared to other assets and has poor relative strength. He mentions that Near is above its significant moving average cloud but is showing signs of weakness. Bullock emphasizes the importance of moving out of declining assets and investing in those that are recovering, suggesting that holding onto strong-performing assets can yield better long-term outcomes.

Bullock highlights Bitcoin's recent 67 percent increase in a week, although he anticipates a slight pullback. He also points out that Pengu has shown strong performance, with a 67 percent increase last week and a solid holder base that has not capitulated at the lows. Rekt's recent NFT project sold out quickly, indicating strong demand, and the asset has seen a respectable 35 percent increase. Bullock predicts that if Rekt can maintain the 12 cents range, it may establish a solid support base for further growth.

Bullock notes that Ponds is tracking positively with the overall market, setting higher highs and lows, while Doge is lagging behind other meme coins and is not representative of the sector. He provides specific market cap figures, stating that Doge's market cap is 13.2 billion and Hyperliquid's is 17.5 billion, arguing that Doge is underperforming compared to larger meme coins. The discussion also touches on the altcoin season index, which should be used as a starting point for research, but investors are cautioned not to rely solely on it without analyzing charts.

Assets that are at or above their closing price from the previous week indicate strong market momentum, with Bitcoin, Ethereum, and Solana highlighted as potential investment options. The market is looking for leaders among altcoins based on their performance relative to Bitcoin, and caution is advised for assets returning to their 10-day moving average, as this may signal a lack of interest.