Bitcoin's 'hopium' for bulls is over and this weekend's slide may be just the beginning
Bitcoin's sharp weekend drop below $78,000 suggests bullish optimism is fading, with analysts predicting months of further downside.Summary
Bitcoin experienced a sharp weekend decline, falling below $78,000 due to profit-taking and thin liquidity, suggesting the rally supported by corporate demand has ended. Analyst Eric Crown argues that the market is entering a sideways-to-downside phase, dismissing recent optimism as "hopium" and suggesting $80,000 is not a macro low. Bearish sentiment is supported by options market data, where bets on prices falling below $75,000 are nearly matching those expecting a rise to $100,000. Crown points to several bearish technical indicators, including a monthly MACD crossover and a bearish weekly EMA cross, which historically precede multi-month losses. He also notes that Bitcoin's recent divergence from risk assets suggests late-cycle risk-off behavior, predicting a potential drop into the mid-$50,000 to low-$60,000 range before stabilization.
(Source：CoinDesk)