Recently, the fluctuations in Bitcoin (BTC) prices have sparked widespread attention and speculation in the market. On January 9, Bitcoin's price approached $92,000, showing a bearish trend for three consecutive days, leading many investors to question whether the bull market has ended. However, it is generally believed that despite certain fluctuations in the short term, this does not signify the end of the Bitcoin bull market.
Short-term volatility and news-driven market reactions
The recent decline in Bitcoin is primarily influenced by the following factors:
Uncertainty over Fed rate cuts: The uncertainty regarding the Federal Reserve's future policy path has increased, leading to more cautious investor sentiment. This cautious sentiment is also reflected in on-chain data, where the 30-day moving average buy-sell ratio has begun to show a seller-dominated situation, the first occurrence since March 2024.
Market reaction after Trump's election: Certain political factors have also influenced market sentiment in the short term, leading to a decrease in investors' risk appetite.
Justice Department approves Bitcoin sale: The U.S. Justice Department has approved the sale of approximately 69,000 Bitcoins, raising market concerns over the potential liquidity impact, further intensifying selling sentiment.
Outflow of Bitcoin ETF funds: Recently, Bitcoin spot ETFs experienced a net outflow of about $569.1 million, the second-highest outflow in history. Investors' reactions to market volatility have become more cautious, which has put pressure on Bitcoin's price.
However, analysts point out that these price fluctuations are mainly driven by news events and short-term market sentiment, rather than reflecting fundamental changes in market structure.
Viewpoint: The bullish trend remains unchanged
Avocado onchain, an anonymous crypto analyst, believes that the recent market fluctuations do not signify the end of the Bitcoin bull market. He explained, 'These short-term price fluctuations are primarily driven by market speculation, rather than fundamental changes in the market. Investors should maintain a strategic perspective and avoid overreacting to short-term fluctuations, focusing on the macro bullish trend.'
Additionally, cryptocurrency trader Mikybull provided a list of key top signals during the Bitcoin bull market cycle, stating that current market signals do not indicate a 'market peak.' According to the 30 possible market top indicators he listed, including Puell Multiple, RSI-22, Bitcoin market dominance, and MVRV ratio, none of the signals in the current cycle have reached historical tops. This suggests that even if Bitcoin experiences a certain degree of price correction, there are currently no clear peak signals, which may instead prepare for future rebounds.
Long-term bullish trend unchanged
Economist Alex Kruger has also questioned the long-term bearish sentiment. He stated that the current bearish sentiment in the market is excessively strong, and the liquidity injected into the traditional financial sector in 2025 has not yet fully reflected in the market. 'Although the current 'easy mode' has ended, there is still a significant amount of liquidity in the market, especially when traditional financial institutions inject funds, which will have a positive impact on the market.' He further emphasized that while there may be some fluctuations in the short-term market, the fundamentals of Bitcoin remain strong in the long run.
The bull market has not ended; investors should remain patient
The recent short-term correction in Bitcoin does not mean that the bull market has ended. Although there is some volatility in the current market, many analysts believe this is merely a market adjustment, and the overall bullish trend remains intact. From on-chain data and technical indicators, there have not yet been clear top signals. Therefore, investors should not overreact to short-term fluctuations and should continue to focus on Bitcoin's long-term growth potential.
With the uncertainty in global financial markets and the institutionalization of Bitcoin, there may be more support for Bitcoin's price in the future. Market confidence and liquidity will be key factors in determining whether the Bitcoin bull market can continue. Therefore, despite some pressure in the short term, the Bitcoin bull market remains promising from a macro perspective.
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