Key Takeaways
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Market analysts are indicating that the current Bitcoin bull run may be approaching its conclusion.
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Technical analysis suggests Bitcoin (BTC) could undergo a significant correction, potentially falling to $52,200 if critical support levels are not maintained.
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Recent trading activity, including a price drop below $103,500 and substantial liquidations, has led to a decline in market sentiment.
Bitcoin (BTC) experienced a notable price decline to $103,500 on Friday, resulting in over $916 million in liquidations for leveraged long positions and negatively impacting overall sentiment in BTC markets.
Investor confidence appears to be waning following two consecutive weeks where prices failed to hold above the $110,000 mark. This raises critical questions about whether the current bull run is nearing its end.
Bitcoin Bull Run Forecasted to Conclude Soon
According to analyst CryptoBird, based on historical patterns of past bull runs, Bitcoin may have a limited number of days remaining for significant price appreciation within the current cycle.
💡 The analyst shared this forecast in an X post on Tuesday, suggesting the bull run could conclude within the next 10 days.
CryptoBird further elaborated that the Cycle Peak Countdown indicator suggests the Bitcoin bull run is approximately 99.3% complete, with weak hands being shaken out in a cyclical pattern typical before a market peak. The analyst stated:
“1,058 days since cycle low = 99.3% complete, with only 0.7% remains of this historic bull cycle. Our October 24 target is exactly 10 days away.”
The analyst views the current pullback as being right on schedule and characteristic of pre-peak behavior observed in every major cycle, likening it to the final weak hands being flushed out before the euphoric market top.
📍 This historical perspective is crucial for understanding current market fluctuations.
It has been 543 days since the 2024 Bitcoin halving. The BTC market is currently considered to be 25 days inside the historical 518-580 day peak window, according to the analyst.
✅ The data suggests current market timing aligns with historical precedents for Bitcoin peaks.
“We’re not just in the zone – we’re deep in the statistical heart where every major Bitcoin top has occurred.”
As previously reported, the Bitcoin Fear and Greed Index has reached yearly lows of 22, indicating a state of extreme fear among investors.
📊 Such low sentiment levels often precede significant market movements, historically acting as a contrarian indicator.
“This emotional washout creates the perfect launchpad for final leg euphoria.”
Potential Bitcoin Price Correction to $50,000 Awaits, Say Analysts
Following Bitcoin’s breach of key support levels, including the 200-day simple moving average (SMA), analysts are pointing to structural weaknesses that could lead to a more substantial correction.
💡 A break below critical technical levels can often signal a shift in market momentum.
Analyst Daan Crypto Trades noted on X that Bitcoin is currently testing the 0.786 Fibonacci retracement level around $104,000. A loss of this level could bring the June lows of $98,000 into play.
📍 Monitoring these Fibonacci levels is key to understanding potential downside targets.
“Touching grass if bulls can’t manage to hold this level this week.”
Another analyst, Captain Faibik, highlighted a potential rising wedge pattern on Bitcoin’s weekly chart, suggesting a measured target of $52,200 if the pattern breaks down.
✅ Rising wedge patterns are often associated with bearish reversals in technical analysis.
This analyst stated on Friday that the Bitcoin bull run may be over.
📊 A nearly 50% bearish correction is being considered a likely mid-term scenario.
“A 50% bearish correction is likely incoming in the midterm.”
Recent reports indicate that retail interest in Bitcoin has declined to levels typically seen during bear markets, suggesting increased caution and anticipation of further BTC price declines.
💡 This retail sentiment shift can be a significant factor in broader market trends.
This article does not constitute investment advice. All investments and trading decisions involve risk, and readers are encouraged to conduct their own thorough research.
Fundfa Insight
Market sentiment surrounding Bitcoin is currently cautious, with analysts suggesting the ongoing bull cycle may be nearing its peak and warning of potential significant price corrections. Investors are closely monitoring key support levels to determine the next direction of BTC price action.