- Bitcoin price continues to dip steadily.
- This marks the possibly worst bull market ever.
- Analyst believes BTC can hit one more new ATH price target.
The crypto market continues to hover in a state of bearish price action. Since October, when the price of Bitcoin (BTC), the pioneer crypto asset, set its current ATH price in the $126,000 price range, the crypto market has been in a consistent state of price decline, for both BTC and altcoins. As Bitcoin price continues to drop and with no signs of altseason, this cycle is being marked as possibly the worst bull market ever.
Bitcoin Price Continues to Dip
According to CoinMarketCap analytics, the price of BTC is currently trading in the $87,000 price range, showing that the asset is up by over 1.75% in the last 24 hours alone. However, compared to the last 30 days, the price of BTC is down by almost 21%, meaning the pioneer crypto asset has been in a steady decline for over a month. Despite the price of BTC being in a current green state, analysts remain certain that a bear market may be in play.
At the moment, there are a few differing opinions on whether the price of BTC can recover and enter a relief rally of sorts, if not a complete market reversal. These opinions lie between the price of BTC possibly entering a relief rally and recovering a bullish target between $100,000 and $110,000 or entering a fully bullish price surge that can take it to a new ATH target between $130,000 and $140,000.
Possibly the Worst Bull Market Yet
Meanwhile, others believe that Bitcoin has entered a fully bearish phase meaning the price of BTC will likely continue to fall over the coming weeks and months. This is especially crushing news to those traders and analysts who believed BTC has one final pump left in it, one that could trigger a glorious altseason bull phase, taking altcoins towards new ATH targets of their own.
As we can see from the post above, one analyst goes on to say that this bull cycle is possibly the one with the worst bull market yet. This cycle, Bitcoin has only experienced a slow grind up and mostly sideways price action, instead of the explosive vertical moves like we’ve seen in past cycles. However, based on USDT dominance, we see that Bitcoin bottomed and USDT dominance peaked when Bitcoin started to pump from $15,500 bottom.
But as soon as the dominance started moving sideways, BTC also started a slow upwards grind. Soon after, we witnessed the first major dump in USDT dominance and Bitcoin pumped from $26,000 to $74,000 in just a few months. Now, looking at the current structure, for the past 13 months (since September 2024), USDT dominance has been moving sideways inside a descending triangle while Bitcoin has been grinding up slowly instead of going vertical quickly. The post concludes by saying that there is a strong chance Bitcoin could go vertical once again.
