After hitting an all-time high of $124,000 in July, Bitcoin prices have returned to the struggle and integration stage. While many people call this a temporary halt, they hope that Bitcoin prices will continue to rise once the decline ends, Crypto analyst Excavo has taken a more bearish view. According to analysts, current market trends actually point to the end of the bull market and the beginning of the next bear market.
Why Bitcoin prices crash?
In the analysis, Excavo outlined why they believe the Bitcoin Bear market is indeed over. These were given as classic signs of the top of the market, and there were three in total. These first are what analysts called “universal optimism.”
This universal optimism simply shows the fact that, in addition to the seemingly bullish development, everyone appears bullish at this point. Excavo points out the fact that the government is now accepting codes and creating reserve funds as a reason why universal optimism is the top sign.
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Next is the continued purchase of companies, especially Bitcoin. Public companies such as Strategy have accumulated a large amount of Bitcoin reserves, and Ethereum’s Treasury Department has not been ruled out. These treasury companies are currently buying tens of thousands of dollars worth of Bitcoin and Ethereum.
Finally, positive news about Crypto now controls the media. Analysts show that Bitcoin prices have risen as so many positive news and investors are reluctant to sell when they are waiting for higher prices like $200,000, $300,000, or $500,000.
Exit Strategy
Crypto analysts are involved in the idea that Bitcoin prices are at the top and are heading towards another bare market. This plan will return to your purchase before waiting until September 2026. According to Crypto Analyst charts, they expect Bitcoin to fall below $61,000 at this point.
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Analysts also back this up to cycle theory. This means a 51-week decline if growth continues for about 151 weeks. This is the beginning of a reversal zone that has already been completed and begins a decline in the bare market between September 13th and October 6th.
Additionally, Crypto analysts will also reject the idea for the Altcoin season. With so many cryptocurrencies currently sitting on more than a million coins, Excavo says it’s not impossible for all coins to be pushed up at the same time as in 2017.
“I’m not a bear forever. I think Bitcoin will reach $300,000, but not in the coming months,” the analyst said. “After a healthy 50-60% revision from the peak, 2.5 years worth it.”
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