๐๐๐ Is the #bitcoin , Crypto Bull Market Over? Analysts Weigh In
Bitcoin ($BTC ) has seen a 19% decline from its all-time high (ATH) on March 14, 2024, sparking debates about the sustainability of the current bull market.
However, many analysts view this pullback as a healthy consolidation phase rather than the end of the bull run.
Market Sentiment Shifts:
- According to Santiment, there's been a shift in market sentiment, with mentions of the "bull market/cycle" increasing since late March. #FOMO sentiment has decreased, while FUD sentiment has risen.
- Santiment suggests that prices often move counter to prevailing sentiment, leaving potential for a recovery before or after the upcoming Bitcoin halving.
- Bitcoin's price stands at $61,988 currently, contrasting with the typical narrative around Bitcoin halvings, historically associated with price surges. The upcoming halving, around April 20, 2024, might deviate from this pattern due to the recent approval of US spot Bitcoin ETFs.
Healthy Correction:
- Analysts, like CryptoCon, see the current correction as healthy market movement. The 20-week EMA at $55,600 is seen as a key support level for Bitcoin.
- PlanB maintains a bullish outlook, predicting a BTC top above $300,000 in 2025. Hannah Phung, Lead Data Analyst at Spot On Chain, notes that price increases typically follow halving events after 6 to 12 months.
Historical Data:
- Bitcoin's historical data supports this, with significant price surges following previous halvings in 2012, 2016, and 2020.
Miner Concerns:
- Despite positive long-term outlooks, miners face challenges due to reduced block rewards from the halving. CoinShares' study suggests that miners with substantial BTC holdings and better capitalization fare better in bullish markets.
In summary, the recent correction, upcoming halving, and ETF approval create a complex environment for Bitcoin predictions. Yet, most experts maintain a strong long-term bullish sentiment toward Bitcoin.
Source - beincrypto.com