Key takeaways:
Market analysts suggest the Bitcoin bull run might soon conclude.
If essential support levels are breached, BTC could face a 50% correction to $52,200, according to technical analysis.
On Friday, Bitcoin (BTC) dropped to $103,500, triggering over $916 million in liquidations of leveraged long positions and dampening market sentiment.
Confidence among investors seems to wane 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 “ends in 10 days”
According to analyst CryptoBird, Bitcoin may have only a few days left for price growth, especially if it follows historical trends observed in prior bull runs.
“Bitcoin bull run ends in 10 days,” the analyst claimed in an X thread on Tuesday, grounding this forecast in historical cycles.
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The Cycle Peak Countdown indicates that the Bitcoin bull run is 99.3% complete, as weaker hands are being removed in “a typical pre-peak pattern,” the analyst remarked.
“1,058 days since the cycle low = 99.3% complete, with merely 0.7% left of this historic bull cycle. Our October 24 target is precisely 10 days away.”
The ongoing pullback appears to be on schedule, signaling a classic pre-peak behavior that occurs in every major cycle, as “final weak hands are flushed out before the euphoric peak.”
It has been 543 days since the 2024 Bitcoin halving, leading to the BTC market being “+25 days inside the historical 518-580 day peak window,” the analyst noted, adding:
“We’re not merely in the zone – we’re deeply entrenched in the statistical heart where every significant Bitcoin top has arisen.”
As reported by Cointelegraph, the Bitcoin Fear and Greed Index has reached yearly lows of 22, indicating “extreme fear” among investors.
CryptoBird stated that this signifies a complete reset in market sentiment before BTC prepares for its final surge.
“This emotional reset creates an ideal launchpad for the final euphoria phase.”
Bitcoin price could fall to $50,000: Analysts
Bitcoin’s dip below key support levels today, including the 200-day simple moving average, has revealed structural weaknesses, possibly leading to a deeper correction, analysts warn.
“The price is currently testing the 0.786 fibonacci retracement level around $104,000,” analyst Daan Crypto Trades noted in an X post on Friday, adding that failing to maintain this level could bring the June lows at $98,000 into consideration.
“Touching grass if bulls can’t manage to hold this level this week.”
Fellow analyst Captain Faibik pointed out that Bitcoin appears to be following a rising wedge pattern on the weekly chart, with a projected target of $52,200.
“The Bitcoin bull run has concluded,” the analyst stated in a post on Friday, adding:
“A 50% bearish correction is likely forthcoming in the midterm.”
As Cointelegraph reported, retail interest in Bitcoin has already reached bear market levels, demonstrating caution and the anticipation of further BTC price declines.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
