Has Bitcoin Stepped Into a Bear Market? Analysts Split

Bitcoin's price falling below its $102,000 365-day moving average, a historical indicator of regime changes, has ignited debate over whether a bear market has begun. Fear levels are high, evidenced by the Fear & Greed Index hitting 10, and over $700 billion has left the market in the past month. Technical analysis from figures like Peter Brandt suggests bearish targets as low as $58,000, citing reversal patterns and the price dropping below the cost basis of long-term holders.

However, not all experts agree, labeling the situation a "mid-cycle breakdown" that requires more confirmation, such as Bitcoin staying below the 365-day MA for four to six weeks. Countering the bearish sentiment, on-chain data shows an increase in whale accumulation, suggesting major investors view the dip as a buying opportunity. Furthermore, strong macro fundamentals, with over 80% of central banks easing policy and global credit expanding, provide structural support for risk assets like Bitcoin, recalling historical pre-bull market corrections.

(Source：BeInCrypto)