Time for a New Rally or a Further Crash?

Long summary

• Bitcoin has seen a major correction, dropping below $54,000. While some see this as a potential end to the bull market, others believe it is a natural part of Bitcoin’s growth and advise holding steady.
• Many analysts are predicting a future rally based on historical patterns and the last halving, although some suggest the rally may have peaked due to recent events such as Bitcoin ETF approvals and meme coin trends.

End of bull market or just a normal thing?

The flagship cryptocurrency recently experienced one of its sharpest corrections since the beginning of 2024. Crypto Potato ReportedBitcoin briefly fell below $54,000 for the first time since February.

While some may see this as a sign that the bull market is over, others claim that such declines are just the beginning of a new beginning. natural Part of BTC’s expansion path. common X User is Capo of Crypto male The market is down significantly but he believes investors should not “turn bearish.”

“It’s time to stop thinking about things and stay calm. That’s a mistake at the moment, but staying calm is strong. Time will tell,” the analyst added.

Crypto Tony subscriber A similar stance, showing that the recent market crash cannot be compared to the overall bullish year (so far) for the crypto industry:

“Put things in perspective. If you are in a panic, then You Simply “It was bought at a very high price and is likely to face resistance without a plan.”

Mikybull Crypto and Rekt Capital are among the crypto enthusiasts who are predicting a rise in the price of BTC. In the near future Based on the historical performance of the asset. reminder to Similar correction in Q3 2023, any He was It was later replaced. Through a new rise in prices.

Rect Capital Believes The leading digital asset has yet to benefit from the Bitcoin halvingwhich happened In April of this year. The analyst noted that the price peaked more than 500 days after the halving in 2016 and the halving in 2020:

“If history repeats itself and the next bull market peak occurs 518-546 days after the halving… this means that Bitcoin could peak in this cycle in mid-September or mid-October 2025.”

The division into two halves is an important event. It is happening approximately every four years And It cuts in half the rewards for miners to validate new blocks on the BTC blockchain. Historically, this process has been It has been followed. Through a massive recovery of the underlying cryptocurrency and the entire market.

pessimistic scenario

It is worth noting that some Analysts have suggested that BTC’s rally may be over. One example is user Ali Martinez, who posited that the approval of Bitcoin ETFs, the meme coin craze, and celebrity-introduced tokens were probably all this rally could offer.

We have witnessed in this session the approval #Bitcoin Exchange-traded funds, #memecoin Obsession and celebrities launch their own projects #alternative currencies!

But what if that’s the case? What if we’ve already reached a state of euphoria and are now feeling good about ourselves and thinking, “We just need to calm down for the next high”? pic.twitter.com/aTCuppjTPF

— Ali (@ali_charts) July 4, 2024