Is the Bitcoin Bull Run Officially Over?

The Bitcoin price, BTCUSD, has fallen below $80,000, indicating a potential end to the bullish trend and raising questions about market direction. Will sellers continue to dominate into Q2 2024?

Bitcoin Price Trends

After a recent spike to $88,500 following Donald Trump’s announcement regarding tariffs, the price has plummeted significantly. Currently, it hovers below the psychological threshold of $80,000, diminishing the gains made in Q4 2024.

Bitcoin Price

Despite the anticipation of a swift recovery by Bitcoin proponents, the market appears to be driven more by bears, suggesting a shift in sentiment.

In Ki Young Ju’s analysis, he suggests that basic indicators demonstrate a bearish trend with the uptrend likely coming to an end. He elaborates that even with capital entering the market, the lack of movement in overall market cap is concerning.

“For the first time in history, bitcoin is not moving in lockstep with the stock market. It’s now behaving like a hedge to geopolitical uncertainty.” — Tyler Winklevoss

Summary of Key Observations

• Bitcoin price is currently experiencing a downward trend, falling below $80,000.
• Evidence suggests a changing market tone, possibly indicating the end of the bullish cycle.
• Selling pressure has risen significantly, as highlighted by market analysts.

This suggests an environment where corporate purchases might stabilize Bitcoin’s value against political uncertainties and economic challenges.

For further insights and details on this evolving story, explore additional resources. (Source: Ki Young Ju)