Bitcoin ‘bull run is over’, traders say, with 50% BTC price crash warning

Market analysts are suggesting that the current Bitcoin bull run might be nearing its end, with some forecasting that price expansion could cease within about 10 days based on historical cycle patterns. Analyst CryptoBird noted that the cycle is 99.3% complete and that the current pullback is a classic pre-peak pattern where weak hands are shaken out before a final euphoric top, suggesting the emotional washout sets up the final leg.

However, technical analysis also points to significant downside risk. Bitcoin's recent drop below key support levels, including the 200-day simple moving average, has created structural weakness. Analyst Daan Crypto Trades noted the price is testing the $104,000 Fibonacci retracement level, and failure to hold it could lead to June lows near $98,000.

Furthermore, analyst Captain Faibik highlighted a rising wedge pattern on the weekly chart, warning that "The Bitcoin bull run is over" and a "50% bearish correction is likely incoming in the midterm," targeting a price around $52,200. This caution is reflected in the Bitcoin Fear and Greed Index hitting yearly lows of 22, signifying "extreme fear."

(Source：Cointelegraph)