Analyst Predicts: Is the Crypto Bull Run Over?

Bitcoin’s dominance in the cryptocurrency market has risen to 55.19% amidst a downturn that has affected layer-1 tokens and altcoins such as Solana, Avalanche, Cardano, and Filecoin. Even AI tokens like RNDR and FET have experienced significant declines. While this correction has raised concerns among investors, analysts believe it may actually indicate a healthy consolidation for Bitcoin, despite its 19% drop from its all-time high in March 2024.

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Let’s explore what this means for you.

Market Shifts: From FOMO to FUD

According to data from the on-chain platform Santiment, market sentiment has shifted. There are now more references to a “bull market/cycle” and fewer references to “FUD” (fear, uncertainty, and doubt). In the past, prices have moved contrary to popular belief, suggesting the possibility of a rebound. This demonstrates the market’s maturity, which is now less influenced by speculative FOMO (fear of missing out) and more focused on facts.

Halving’s Effect on BTC Price

Although Bitcoin halving events have typically been associated with price increases, the upcoming event, scheduled for around April 20, 2024, may not follow the usual pattern due to the recent approval of US spot Bitcoin ETFs. However, experts still believe that the current correction is a natural part of the market’s movement. The increased use of the term “bull market/cycle” aligns with Bitcoin’s current price, which is trading at $61,988 at the time of writing. Price drops often occur before halving, and this correction is viewed as a significant factor for long-term growth.

Analyst Insights

Numerous crypto experts emphasize the importance of corrections and highlight key support levels. Crypto analyst CryptoCon points out that the 20-week EMA at $55,600 is a critical support level for Bitcoin. He suggests that the overall trend will remain bullish as long as Bitcoin remains above this level.

Well-known analyst PlanB is optimistic about the future and predicts that Bitcoin will be valued at over $300,000 by 2025. Similarly, Lead Data Analyst Hannah Phung agrees and states that prices have historically risen 6 to 12 months after halving, indicating the potential for future price increases.

What are your thoughts on whether Bitcoin is heading towards a bull or bear market?

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Altcoins
Bitcoin