$BTC experienced a rapid rise in the first months of the year due to the influence of spot exchange traded funds (ETF) in the USA and broke a record with $ 73,500 in March. However, Bitcoin, which has entered a downward trend in recent weeks and dropped to 53 thousand dollars on July 5, showed a partial recovery at the weekend and exceeded the level of 56 thousand dollars. This has sparked debate among experts and investors about whether the Bitcoin bull market is over.
Bull Market Continues According to Experts
Cryptocurrency technical analyst Titan of Crypto emphasizes that Fibonacci levels should be taken into account to determine whether Bitcoin is in a bull market. According to him, if Bitcoin closes above the 38.2 percent Fibonacci retracement level (around $56,000) on the weekly chart, the bull market is predicted to continue. Titan of Crypto states that the bull market continues in the current $BTC situation.
Popular analyst Rekt Capital, on the other hand, stated in his assessment before the correction that Bitcoin could fall enough to give the impression that the bull market was over, but then it would continue its upward trend. In his post after the correction, Rekt Capital compared the current halving cycle to previous cycles and reminded that Bitcoin reached its peak approximately 518-546 days after the halving. Considering that the last halving occurred in April, Bitcoin is expected to peak in October 2025, according to Rekt Capital.
Bitcoin, which gained 2.5 percent in value in the last 24 hours, was traded at $56,760 as of the time the news was written.
