A long-term technical trend indicator for Bitcoin has recently shifted to a bearish stance, prompting speculation about the potential end of the bull market. Some experts, however, maintain a more optimistic view despite the warning signs.

“From a technical standpoint, the bull market is over,” crypto analyst Crypto₿irb proclaimed to his 700,000 X followers this past Thursday.
Translation: “从技术角度看，牛市结束了。”

According to him, Bitcoin (BTC) demonstrates a persistent trend shift characterized by price fluctuations, significant volume surge, heightened volatility, and time spent beneath the 200-day trend line, predicting a decline for 2026.

The downward trend in the 200-day trajectory is a critical visual tool utilized by analysts to determine market strength or identify breakout moments.

Additionally, the 200-day moving average – which calculates the average price of BTC over the past 200 days – began its descent in mid-November, coinciding with a “death cross” as it dropped below the shorter-term 50-day moving average.

These indicators are vital for assessing long-term support levels and signals for bull and bear markets.

Bitcoin technical indicators are looking increasingly bearish. Source: Crypto₿irb

Increasing Calls for a Bitcoin Bear Market

Markus Thielen from 10x Research asserts, “There is no debate, Bitcoin is in a bear market,” while suggesting we are currently in a “bear market reversal rally.”

Related: Bitcoin risks deeper drop if whale exchange deposits stay high: Analyst

Although Henrik Andersson, CIO of Apollo Capital, contends that the surge of acquisitions from digital asset treasuries seen in H1 of this year has concluded, it doesn’t necessarily imply we are entrenched in a bear market.

“The direction going forward will be determined by risk assets in general, and being selective as an investor will be more important than ever.”

Short-term Prospects for Bitcoin Bulls

Crypto analyst Skew commented that recent signs appear more encouraging for bulls based on a four-hour chart analysis last Thursday.

“Momentum is towards the upside if buyers and the market can muster strength from here.”
Translation: “如果买家和市场能从这里发力，动能将朝上。”

However, if it falls back below $88,000, it would indicate weakness and lost momentum to advance further, with $90,000 to $92,000 as a crucial battleground for market positioning.

Bitcoin nearly reached $92,000 on Coinbase during early Thursday trading but settled at $91,200 when this article was published.

Magazine: Bitcoin $200K soon or 2029? Scott Bessent hangs at Bitcoin bar: Hodler’s Digest