The prolonged decline in Bitcoin and its failure to recover are reducing expectations for an increase. At this point, the discourse of “Bitcoin bull market is over, bear market has begun” has started to increase in the market.
Although there are still views that Bitcoin is in a bull cycle and is experiencing a normal correction, the CryptoQuant CEO claimed that the bull cycle is over and the bear cycle has begun.
Many analysts believe that Bitcoin and other cryptocurrencies are going through a typical bull cycle correction, and that BTC has yet to reach its peak.
Bitcoin Bull Run Is Not Over, Peak Still Not Here!
Ben Simpson, CEO of crypto research platform Collective Shift, stated that correction in Bitcoin and the crypto market is normal.
Simpson, who attributed the recent correction to temporary global liquidity constraints, stressed that the bull market remains intact.
Pointing out that Bitcoin has experienced only four corrections exceeding 25% this cycle, while it experienced 12 corrections in the previous cycle, the analyst stated that the current correction shows that it is in line with historical trends.
“The Bitcoin and cryptocurrency markets were overheated and needed to cool down. The market needed to find a new base and now we are waiting for a new narrative to rally.”
Derive co-founder Nick Forster also shared the same opinion, saying that BTC is in a normal correction phase and the cycle peak has not yet arrived.
“Historically, Bitcoin has had these corrections during long-term uptrends, and there's no reason to say this time around will be any different than the others.”
Charles Edwards, founder of Capriole Investments, gave a neutral forecast, saying he was not sure whether the Bitcoin bull run was over.
“I think the odds for Bitcoin are 50:50 for bears and bulls.”