Experts Weigh in on Whether the Crypto Bull Run Has Ended or Simply Taken a Pause
Bitcoin’s dominance in the cryptocurrency market is on the rise at 55.19%, while altcoins and DeFi tokens are currently experiencing a correction. Despite the price drop, market sentiment seems to be shifting towards a bull run, as on-chain data shows an increase in “bull market” references. Experts believe that this correction is normal and could actually strengthen Bitcoin in the long term, with key support levels identified.
In the midst of recent market turbulence, Bitcoin has maintained its position with a dominant market share of 55.19%. However, other cryptocurrencies such as Solana, Avalanche, Cardano, and Filecoin have faced significant drops. Even AI tokens like RNDR and FET have taken a hit with double-digit declines. Despite Bitcoin’s own 19% dip from its peak in March 2024, analysts see a potential silver lining, suggesting that this correction could actually strengthen the leading cryptocurrency.
A noticeable shift in market sentiment has been observed on the Santiment platform. The buzz around discussions related to “bull market/cycle” has drowned out the usual “FUD” (Fear, Uncertainty, Doubt). This shift suggests the potential for a turnaround, indicating a departure from past trends where price movements often surprised most people. It reflects a maturing market that is less influenced by speculative FOMO (Fear Of Missing Out) and more rooted in factual information.
New scenarios are emerging in the cryptocurrency market. Normally, Bitcoin halving events signal price hikes. However, with the upcoming halving around April 20, 2024, and the recent approval of US spot Bitcoin ETFs, things might play out differently. Nonetheless, experts view the current correction as a natural part of the market cycle. The increase in discussions around “bull market/cycle” mirrors Bitcoin’s current performance, with its price currently trading at $61,988. While dips often occur before halving events, this correction is seen as necessary for long-term growth.
Crypto experts emphasize the importance of corrections and highlight key support levels for Bitcoin. Renowned analyst CryptoCon points to the 20-week Exponential Moving Average (EMA) at $55,600 as a crucial level. He believes that keeping Bitcoin above this level will likely maintain the bullish trend. Looking ahead, optimism reigns among analysts. PlanB predicts that Bitcoin could surpass $300,000 by 2025, while Lead Data Analyst Hannah Phung echoes this sentiment by citing historical trends that show Bitcoin prices surging 6 to 12 months after halving events, indicating the potential for another upswing.
With all the analysis and projections, the question remains: is Bitcoin heading for a bullish rise or a bearish fall? Right now, it could go either way.