Bitcoin's price has undergone a significant correction, settling at $82,549. Experts express concerns about the end of the bull cycle.
Bitcoin Price Correction and Its Impact
Bitcoin recently experienced a drop to $82,549, sparking discussions on the end of the bull cycle and potential market behavior changes. Pressure from major investors affects price stability. CryptoQuant CEO Ki Young Ju suggests a potential stagnation period, stating, "The Bitcoin bull cycle has ended; all on-chain metrics are pointing toward a bear market."
Impact of Bitcoin Cycle on Altcoins
Bitcoin's value decline raises concerns about its influence on the altcoin market. Investors are considering the possibility of further changes triggered by Bitcoin's fluctuations. Economist Peter Schiff highlights potential impact on the stock market, predicting further falls in cryptocurrency values. Schiff noted that "If the Nasdaq enters a bear market, Bitcoin could fall to around $20,000."
Historical Bitcoin Correction of 86%
Historical analysis shows that Bitcoin typically undergoes steep corrections post-bull runs, up to 86%. TradingView analyst Xanrox indicates a potential drop to $40,000 based on past cycles tied to halving events, which usually lead to drastic corrections following peak highs. Xanrox predicts, "Bitcoin could crash to $40,000 by 2026, as historical cycles show significant retreats after each bull run."
Bitcoin continues to exhibit vulnerability to historical correction cycles, raising concerns over future cryptocurrency trends and potential market shifts.
