The recent downturn in Bitcoin’s price has resulted in significant losses for several altcoins. Despite not fully recovering from the October 10th decline, these cryptocurrencies are once again descending to similar lows. Interestingly, Bitcoin remains above $106,000. This situation raises questions about the beliefs held by bears that the crypto bull market has ended. What reasons do they have for this conviction, and what predictions have analysts shared in light of today’s declines?
End of the Crypto Bull Market?
On October 6th, Bitcoin reached a new all-time high (ATH) but faced a nightmare shortly thereafter. It now continues to find buyers at $20,000 below its peak. Analyst Jesse Olson highlights the MACD bearish crossover, noted by multiple analysts, as an indicator that bull markets have concluded. This MACD crossover on the 3-week chart negatively affects the long-term outlook, suggesting, like the cycle peaks in 2017 and 2021, that the zenith has been reached.
Another notable reason comes from Mister, who focuses on historical day intervals similar to the 1064-day story. Observing the 2012 and 2016 halving cycles, BTC hit its peak 518-580 days post-block reward halving. Exactly 558 days have passed for Bitcoin now, leaving, according to historical data, a maximum of 40 days to peak.
Various analysts note the 1064-day gap between bear troughs and BTC peaks, suggesting that something similar is happening again. This forms the second major reason for bears expecting a downturn.
Counterpoints to the Bear Argument
However, history does not have to repeat itself. Factors such as ETFs, crypto treasury companies, banks entering the crypto sector, U.S. acceptance of cryptocurrencies, and the Fed’s continued interest rate cuts could all argue against the end of bull markets. Placing the bulls’ and bears’ reasons on a scale, the bulls’ rationale seems more robust, as Bitcoin has never before been in the middle of a “financial transformation” phase in previous cycles.
Keeping up with signals like those mentioned can be streamlined using the free news feed of the CryptoAppsy application, which facilitates access to developments.
Analysts’ Opinions on Bitcoin
DaanCrypto delved into the recent downturn, highlighting the largest liquidation occurring this month. Interestingly, the price has remained almost unchanged since the start of the month. Although the same can’t be said for altcoins, the analyst finds positivity in the stability ‘on the spot,’ indicating that staying constant is beneficial. He argues there is no room for panic.
An analyst known as Rager posted the following:
“Currently, everyone is quite emotional. In the past few months, seeing BTC turn red for four consecutive days is the longest streak we have observed. Perhaps we can expect a bounce and a higher low before the weekend ends.”