Author: Biraajmaan Tamuly, CoinTelegraph; Translated by: Wuzhu, Golden Finance
BTC’s daily chart has been bearish for three consecutive days as the largest crypto asset fell to nearly $92,000 on Jan. 9. Overall investor sentiment was further dampened when the U.S. Department of Justice (DOJ) approved the sale of 69,000 BTC worth more than $6.5 billion on Jan. 9, and spot Bitcoin ETFs saw the second-highest net outflow of $569.1 million.
As questions like “Is the Bitcoin bull run over?” begin to pop up on X, one analyst says bullish optimism for BTC should remain intact.
News-driven volatility plagues Bitcoin price
Bitcoin’s recent decline was largely driven by uncertainty over the Federal Reserve’s rate cuts and investors’ cautious approach ahead of President-elect Trump’s inauguration. On-chain data clearly highlights this sentiment, as the 30-day moving average of the taker bid/ask ratio indicates seller dominance for the first time since March 2024, when BTC peaked at around $74,000.
Bitcoin taker buy/sell ratio. Source: CryptoQuant
Bitcoin’s short-term expenditure-output profit ratio (SOPR) also fell below 1, meaning short-term investors are selling at low prices. However, anonymous cryptocurrency analyst Avocado onchain said that these changes are part of BTC’s short-term volatility caused by market speculation rather than changes in market structure. The trader added,
“Investors should remain strategic, avoid reacting to short-term noise, and focus on the broader bullish trajectory,”
Similarly, cryptocurrency trader Mikybull pointed out a list of key Bitcoin top signals for the current bull cycle. Of the 30 possible market top indicators, including the Puell Multiple, RSI-22 Day, Bitcoin Dominance, and MVRV Ratio, not a single signal has been hit in the current cycle. The trader said,
“Every dip is an opportunity to prepare for the massive rally that is coming.”
List of Bitcoin bull market peak indicators. Source: CoinGlass
Cryptocurrency analyst Alex Kruger also dismissed the long-term bearish dilemma, saying that "people are too pessimistic right now."
The economist explained that while the “easy mode” is over in the future, the liquidity that will be injected into traditional finance in 2025 has not yet been taken into account.
