- Reputed analysts concludes Bitcoin bull cycle has come to an end.
- He advices traders to prepare for a bear market.
- He also says a rotation to altcoins could occur in November – December.
The price of the pioneer crypto asset, Bitcoin (BTC), has been trading in the $108,000 price range in a steady sideways movement since the $20 billion liquidation event earlier this month. This declining price shows no signs of recovering to prices close to BTC’s previous ATH prices. Now a reputed analyst concludes Bitcoin bull cycle is over and advices traders to prepare for a bear market.
Reputed Analyst Concludes Bitcoin Bull Cycle
Over the past few days, the price of Bitcoin (BTC) has been steadily declining, taking BTC price back closer to the $100,000 price range. This is a clear bearish sign to most crypto traders who believe the start of the bear market is in its initial stages. Presently, analysts believe the price of BTC will continue to decline to 5-digit prices and await a fall from $100,000 BTC prices soon
This sudden turn of events from a bullish to bearish narrative has cripled almost all bullish hopes for a euphoric BTC pump phase and the expected altseason that was anticipated to follow. Instead, what the crypto market saw was a brutal market correction that led to a massive fall in BTC price. In detail, the price of BTC fell from $121,000 to $104,000 in under an hour.
This sudden drop led to all leverage and long positions getting wiped out, and about $3 billion in short trades getting wiped out as well. The price of altcoins and stocks also fell dramatically during this time, leading to falling bullish sentiments across multiple financial markets. The only assets that continue to go up in price in gold and silver, which are expected to set even greater ATH targets in the coming days ahead.
Analyst Believes the Bear Market Has Begun
Presently, analysts are torn between expecting one last bullish surge for the price of BTC, perhaps to the $130,000 or $150,00 price range, while others believe the cycle top price has been hit and that the crypto market is swerving into a bear market state instead. In particular, one reputed analyst, who predicted a cycle top between the broad range of $100,000 to $130,000, believes the bear market has begun.
As we can see from the post above, this analyst clarifies using an image accompanying his post, that BTC has hit its bull market top price, marking the end of the 4-year bull cycle pattern and advices BTC holders to take profits and prepare for a bear market instead. He says that the price of BTC could hit another ATH price, but will not exceed $130,000. He also says that a rotation into altcoins may occur in the final months of this year, before the bear market will commence.
