Key insights:
Market experts suggest that the Bitcoin bull run may be nearing its conclusion.
According to technical analysis, BTC price is at risk of a 50% correction to $52,200 if critical support levels fail.
On Friday, Bitcoin (BTC) dropped to $103,500, leading to over $916 million in liquidations of leveraged long positions and negatively impacting sentiment in BTC markets.
Investor confidence seems to be waning after two consecutive weeks of struggling to maintain prices above $110,000. But does this signal the end of the bull run?
Bitcoin bull run predicted to “end in 10 days”
According to analyst CryptoBird, Bitcoin may only have a limited timeframe for price growth left in this cycle, particularly if it adheres to historical trends from previous bull runs.
The analyst stated in an X thread on Tuesday that “the Bitcoin bull run ends in 10 days,” basing this prediction on earlier cycles.
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The Cycle Peak Countdown indicates that the Bitcoin bull run is 99.3% complete, with weak hands being shaken out “in a classic pre-peak pattern,” the analyst noted.
“1,058 days since cycle low = 99.3% complete, with only 0.7% remaining in this historic bull cycle. Our target for October 24 is exactly 10 days away.”
The analyst added that the current pullback is in line with expectations, describing it as typical pre-peak behavior seen in every significant cycle, where “final weak hands are flushed before the euphoric top.”
With 543 days elapsed since the 2024 Bitcoin halving, the analyst points out that the BTC market is “+25 days into the historical 518-580 day peak window,” adding:
“We’re not just in the zone – we’re deep in the statistical heart where every major Bitcoin top has occurred.”
As reported by Cointelegraph, the Bitcoin Fear and Greed Index has reached yearly lows of 22, indicating “extreme fear” among investors.
CryptoBird mentioned that this reflects a complete reset in market sentiment before BTC heads into its final leg.
“This emotional washout creates the perfect launchpad for final leg euphoria.”
Possible Bitcoin price drop to $50,000: Analysts
The recent drop in Bitcoin below critical support levels, including the 200-day simple moving average (SMA), has introduced structural vulnerabilities that could lead to a more significant correction, as explained by analysts.
According to analyst Daan Crypto Trades, the price is “now testing the 0.786 Fibonacci retracement level around $104,000,” warning that losing this level could bring June lows back into play at $98,000.
“Touching grass if bulls can’t manage to hold this level this week.”
Another analyst, Captain Faibik, noted that Bitcoin appears to be forming a rising wedge pattern on the weekly chart, indicating a potential target of $52,200.
“The Bitcoin bull run is over,” the analyst declared in a Friday post, adding:
“A 50% bearish correction is likely imminent in the midterm.”
As reported by Cointelegraph, retail interest in Bitcoin has already fallen to bear market levels, reflecting caution and expectations of deeper BTC price declines.
This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
