Traders Warn: Bitcoin’s Bull Market May Be Finishing
Bitcoin has dropped below crucial support levels, stirring concerns that its current bull run is nearing its end. Analysts suggest a potential bearish target at $52,000, which could signify a 50% price correction if these support levels break down.
Key Highlights:
- Analysts are indicating that the Bitcoin bull run may be reaching a conclusion.
- The possibility of BTC prices plummeting to $52,200 looms large if support levels are breached.
Bitcoin (BTC) dipped to $103,500 recently, prompting over $916 million in liquidations of leveraged long positions, dampening market sentiment. Investors seem wary after failing to maintain price levels above $110,000 for two consecutive weeks.
The Bull Run Could Be Coming to a Close
According to analyst CryptoBird, Bitcoin could have only a matter of days left in this price expansion phase, predicting, “the bull run ends in 10 days.” This perspective is drawn from patterns observed in previous cycles.
CryptoBird noted, “1,058 days since cycle low = 99.3% complete, with only 0.7% remaining of this historic bull cycle. Our October 24 target is exactly 10 days away.”
After 543 days since the 2024 Bitcoin halving, market dynamics appear to align, as signs of weakened investor confidence manifest.
Price Forecast Concerns
Technical analysts are now closely observing the 0.786 fibonacci retracement level around $104,000. Failure to hold this support could trigger deeper corrections, potentially leading to June lows estimated around $98,000. Daan Crypto Trades expressed caution, saying, “Touching grass if bulls can’t manage to hold this level this week.”
Captain Faibik further commented on the apparent adoption of a rising wedge pattern in Bitcoin’s weekly charts, signifying the likelihood of a 50% correction in the midterm. “The Bitcoin bull run is over,” Faibik concluded in a recent post.
Despite the fears of a price drop, retail interest in Bitcoin remains present but cautious. As reported, the Bitcoin Fear and Greed Index has reached an annual low of 22, indicating widespread investor fear. This emotional reset could lay the groundwork for a final push before a potential rebound.
This article is intended for informational purposes only and does not constitute investment advice. Always conduct thorough research before making any financial decisions.
