Has The Crypto Bull Run Ended? Here’s What Analyst Predict
The post Has The Crypto Bull Run Ended? Here’s What Analyst Predict appeared first on Coinpedia Fintech News
Bitcoin’s dominance has increased to 55.19% amidst a market downturn where layer-1 tokens and altcoins, such as Solana, Avalanche, Cardano, and Filecoin, experienced significant drops. Additionally, AI tokens like RNDR and FET saw double-digit declines. While this correction sparked investor concerns, analysts suggest it could signal a healthy consolidation for Bitcoin despite its 19% drop from its all-time high in March 2024.
Let’s see what it means for you.
Market Shifts: From FOMO to FUD
On the on-chain data platform Santiment, market opinion has changed. Notably, there are more references to a “bull market/cycle” and fewer references to “FUD.” In the past, prices have moved against what most people thought, which suggests that a rebound is possible. This shows the market’s maturity, which is less influenced by speculative FOMO and more focused on facts.
Halving the Effect on BTC Price
Even though Bitcoin halving is usually linked to price increases, the upcoming event, which is set to happen around April 20, 2024, might not follow the usual pattern since US spot Bitcoin ETFs were just approved. But experts still think that the current correction is a good part of the market’s movement. The rise in the term “bull market/cycle” fits with how Bitcoin’s price is doing right now—it’s selling at $61,988 at the time of writing. Price drops usually happen before halving, but this correction is seen as important for long-term growth.
Analyst Insights
Many crypto experts stress how important corrections are and list key support levels. Crypto analyst CryptoCon points out that the 20-week EMA at $55,600 is a key support level for Bitcoin. He says that the general trend will remain bullish as long as Bitcoin stays above this level.
PlanB, a well-known analyst, is optimistic about the long run and thinks that Bitcoin will be worth more than $300,000 by 2025. Meanwhile, Lead Data Analyst Hannah Phung agrees with this and says that prices have gone up around 6 to 12 months after halving, suggesting that prices could go up again.
What do you think where’s BTC heading a bull or bear call?
Filed under: Bitcoin - @ April 18, 2024 10:25 am