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Market analysts say Bitcoin’s bull run could soon come to an end.
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BTC price is at risk of a 50% correction to $52,200 if key support levels fail, according to technical analysis.
Bitcoin (BTC) fell to $103,500 on Friday, resulting in more than $916 million in liquidations of leveraged long positions and depressed sentiment in the BTC markets.
Investors appear to be losing confidence after two consecutive weeks of failing to keep prices above $110,000. But does this mean the bull run is over?
Bitcoin bull run “ends in 10 days”
Bitcoin may only have a few days of price expansion left in the cycle, especially if it follows historical patterns from past bull runs, according to analyst CryptoBird.
Bitcoin’s bull run “ends in 10 days,” the analyst said in an X thread on Tuesday, basing the forecast on previous cycles.
Related: Bitcoiners Push to Bring BTC Payments to Signal as Privacy Joins Crypto
Cycle Peak Countdown shows Bitcoin’s bull run 99.3% complete as weak hands shake out “in a classic pre-peak pattern,” the analyst said.
“1,058 days from cycle low = 99.3% complete, with only 0.7% remaining in this historic bull cycle. Our October 24 target is exactly 10 days away.”
According to the analyst, the ongoing pullback is right on schedule, adding that it appears to be classic pre-peak behavior that occurs in every major cycle, when “the last weak hands blush before the euphoric peak.”
It has been 543 days since Bitcoin’s 2024 halving, putting the BTC market “+25 days inside the all-time high window of 518-580 days,” the analyst said, adding:
“We’re not just in the zone: we’re deep in the statistical heart where all the major Bitcoin highs have occurred.”
As Cointelegraph reported, Bitcoin’s fear and greed index hit yearly lows of 22, signifying “extreme fear” among investors.
CryptoBird said this represents a complete reset of market sentiment before BTC embarks on its final leg.
“This emotional failure creates the perfect launching pad for the euphoria of the final stretch.”
Bitcoin price could fall to $50,000: analysts
Bitcoin’s decline below key support levels today, including the 200-day simple moving average (SMA), has led to structural weaknesses, which could potentially lead to a deeper correction, according to analysts.
The price is “now testing the 0.786 Fibonacci retracement level around $104,000,” analyst Daan Crypto Trades said in an X post on Friday, adding that missing this level would bring the June lows of $98,000 into the picture.
“We will hit grass if the bulls fail to hold this level this week.”
Fellow analyst Captain Faibik highlighted that Bitcoin appears to be following a rising wedge pattern on the weekly chart, with a measured target of $52,200.
“Bitcoin’s bull run is over,” the analyst said in a Friday post, adding:
“A 50% bearish correction is likely in the medium term.”
As Cointelegraph reported, retail interest in Bitcoin is already at bear market levels, reflecting caution and anticipation of deeper declines in BTC prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
