The Bitcoin bull run has been a topic of discussion among market analysts and investors, with some predicting that it may soon come to an end. According to CryptoBird, a well-known analyst, the bull run could be nearing its conclusion, with only 10 days left before it reaches its peak. This forecast is based on historical patterns from past bull runs, which suggest that the current cycle is 99.3% complete.
Historical Patterns and Market Sentiment
CryptoBird’s analysis is supported by the fact that it has been 543 days since the 2024 Bitcoin halving, which puts the BTC market “25 days inside the historical 518-580 day peak window.” This, according to the analyst, means that the market is “deep in the statistical heart where every major Bitcoin top has occurred.” The Bitcoin Fear and Greed Index has also hit yearly lows of 22, signifying “extreme fear” among investors. This emotional washout, as described by CryptoBird, creates the perfect launchpad for the final leg of the bull run.
Technical Analysis and Price Predictions
Technical analysis of the Bitcoin price chart suggests that the price may be due for a correction. According to analyst Daan Crypto Trades, the price is “now testing the 0.786 fibonacci retracement level around $104,000,” and losing this level could bring June lows at $98,000 into the picture. 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. This would represent a 50% bearish correction, which is likely incoming in the midterm.
Investor Confidence and Market Outlook
Investor confidence in the Bitcoin market appears to be waning, with retail interest in Bitcoin already at bear market levels. This caution and anticipation of deeper BTC price drawdowns are reflected in the market sentiment, which is currently characterized by “extreme fear.” As the bull run nears its conclusion, investors are advised to conduct their own research and exercise caution when making investment decisions.
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. For more information, visit the original source link: https://cointelegraph.com/news/bitcoin-bull-run-over-traders-50-percent-btc-price-crash-warning?utm_source=rss_feed&utm_medium=rss_tag_bitcoin&utm_campaign=rss_partner_inbound
