Key Takeaways:
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Market analysts consider that the Bitcoin bull market may soon come to an end.
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According to technical evaluation, BTC price risks a 50 percent correction to $52,200 if key support levels fail.
Bitcoin (BTC) fell to $103,500 on Friday, resulting in liquidations of over $916 million in leveraged long positions and dampening sentiment in BTC markets.
Investors seem like losing confidence after failing to maintain prices above $110,000 for 2 weeks in a row. But does this mean the bull market is over?
Bitcoin bull market “ends in 10 days”
According to analyst CryptoBird, Bitcoin may only have a couple of days of price expansion left within the cycle, especially if it follows historical patterns of past bull runs.
Bitcoin's “bull run” ends in 10 days, the analyst said in an X-thread on Tuesday, basing the forecast on previous cycles.
The Cycle Peak Countdown shows the Bitcoin bull run is 99.3% complete as weak hands shake out “in a classic pre-peak pattern,” the analyst said.
“1,058 days since cycle low = 99.3% complete, only 0.7% stays of this historic bull cycle. Our October twenty fourth goal is precisely 10 days away.”
According to the analyst, the continuing decline is correct on schedule, adding that it appears to be classic pre-peak behavior that happens in every major cycle as “last weak hands are washed away before the euphoric peak.”
BTC/USD chart Source: CryptoBird
It has been 543 days because the 2024 Bitcoin halving, putting the BTC market “+25 days inside the historical peak window of 518-580 days,” the analyst said, adding:
“We aren’t just within the zone – we’re deep within the statistical heart where every major Bitcoin high has occurred.”
As Cointelegraph reported, the Bitcoin Fear and Greed Index has hit a yearly low of twenty-two, indicating “extreme fear” amongst investors.
CryptoBird said this represents a whole reset of market sentiment before BTC enters its final leg.
“This emotional disappointment creates the right start line for the euphoria on the ultimate stage.”
According to analysts, Bitcoin price could fall to $50,000
Bitcoin's decline below key support levels today, including the 200-day easy moving average (SMA), has created structural weaknesses that would potentially result in a deeper correction, in response to analysts.
Price is “now testing the .786 Fibonacci retracement level around $104,000,” analyst Daan Crypto Trades said in an X post on Friday, adding that a lack of that level would bring June lows at $98,000 into play.
“If the bulls fail to keep up this level this week, I’m protected.”
Fellow analyst Captain Faibik highlighted that Bitcoin appears to be following a rising wedge pattern on the weekly chart, with a measured goal of $52,200.
“The Bitcoin bull run is over,” the analyst said in a post Friday, adding:
“In the medium term there may be more likely to be a bearish correction of fifty%.”
As Cointelegraph reported, retail interest in Bitcoin is already at bear market levels, reflecting caution and anticipation of deeper BTC price declines.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
