Important points:
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Market analysts believe that Bitcoin’s bull run may end soon.
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According to technical analysis, if the major support level fails, BTC price risks a 50% correction to $52,200.
On Friday, Bitcoin (BTC) fell to $103,500, with over $916 million in leveraged long position liquidations, deteriorating BTC market sentiment.
Investors appear to have lost confidence after the stock failed to sustain the price above $110,000 for two consecutive weeks. But does this mean the bull market is over?
Bitcoin bull market will end in 10 days
According to analyst Cryptobird, Bitcoin may only have a few days left in its price cycle, especially if it follows the historical pattern of past bull markets.
The analyst said in an X thread on Tuesday that Bitcoin’s “bull market will end in 10 days,” based on his predictions based on previous cycles.
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The cycle peak countdown shows that the weak hand has been shaken out in a “classic pre-peak pattern” and that Bitcoin’s bull run is 99.3% complete, the analyst said.
“1,058 days from cycle low = 99.3% complete, with only 0.7% remaining in this historic bull cycle, just 10 days to the October 24th target.”
The ongoing pullback is on schedule, the analyst said, adding that it looks like the classic pre-peak behavior that occurs every major cycle, with “the last weak hand flashing before a buoyant top.”
543 days have passed since the 2024 Bitcoin halving, and the BTC market is “+25 days within the historical 518-580 day peak window,” the analyst said, adding:
“We’re not just in the zone. We’re deep in the statistical epicenter where every major Bitcoin high has occurred.”
As reported by Cointelegraph, Bitcoin’s Fear and Greed Index has hit a yearly low of 22, indicating “extreme fear” among investors.
CryptoBird stated that this means market sentiment will be completely reset before BTC enters the final stage.
“This emotional washout creates the perfect springboard to last-leg euphoria.”
Bitcoin price could fall to $50,000: analyst
Analysts say Bitcoin has fallen below key support levels today, including its 200-day simple moving average, creating structural weaknesses that could lead to further correction.
Analyst Dern Crypto Trades said in an XPost on Friday that the price is “currently testing the 0.786 Fibonacci retracement level near $104,000,” adding that a loss of this level would make the June low of $98,000 a reality.
“If the bulls can’t maintain this level this week, they could touch the grass.”
Fellow analyst Captain Fybic highlighted that Bitcoin appears to be following an ascending wedge pattern on the weekly chart, with a measurement target of $52,200.
“Bitcoin’s bull run is over,” the analyst said in a post on Friday, adding:
“A 50% bearish correction is likely in the medium term.”
As reported by Cointelegraph, retail interest in Bitcoin is already at bear market levels, reflecting caution and expectations of a significant drop in BTC prices.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.