Bitcoin Faces Deepest Pullback of the Bull Cycle as Analysts Remain Split on the Future
Bitcoin's current retreat is the deepest of the current bull cycle, causing market fear while analysts disagree on whether a bottom or a downturn is next.Summary
Bitcoin (BTC) is experiencing its deepest correction of the current bull market cycle, evidenced by on-chain analysis, which has coincided with market sentiment plummeting into 'Extreme Fear' for eight consecutive days, the longest streak since the FTX collapse.
Analysts are sharply divided on the market's future direction. Some argue that bearish signals, such as selling by old whales, a completed Wyckoff distribution pattern, and historical cycle timing, suggest a bear market has begun, with some forecasting a drop as low as $35,000.
Conversely, other analysts contend that this price action is typical of a local bottom formation within a bull market, suggesting a recovery pump could be imminent. The market awaits further time to determine if this pullback signals a prolonged downturn or merely a temporary consolidation.
(Source：BeInCrypto)