Prominent crypto analysts assert that despite the current Bitcoin price correction, the market remains healthy and is expected to strengthen.
Market Cyclicality
On Sept. 9, crypto trader and analyst ‘Daan Crypto Trades’ told his 382,000 X followers that this cycle is not like previous ones as BTC made a new high before the halving but has stalled since. He added: “That’s why I feel like these past 6+ months are not that odd.” The Bitcoin correction from its all-time high currently stands at 25.6%, relatively small compared to previous pullbacks.
Miners Accumulating
Bitgrow Lab founder Vivek Sen posted a similar chart depicting where BTC is in the current market cycle. Miners have started accumulating again following a big selloff, which is another signal that the cycle is where it should be within previous four-year periods. Analyst ‘Rekt Capital’ compared this cycle with previous halving years, noting that Bitcoin enjoyed three months of upside across October, November, and December during the previous halving cycles.
Market Sentiment
Nevertheless, sentiment is still at rock bottom with the Bitcoin Fear and Greed Index showing a reading of 26, “fear.” The asset plunged to an intraday low of around $53,700 on Sunday but recovered to reclaim $55,000 briefly before falling to trade at $54,800 during the Monday morning Asian session. This week, there could be more volatility due to a presidential election debate and key inflation reports.
Despite current price fluctuations, analysts remain unfazed and confident in the continued growth of the Bitcoin market in the coming months.
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