Bull Market Still Intact, Analysts and Traders Unfazed by the Bitcoin Price Dip

3 months ago 3

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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.

However, it is still ahead of where previous cycles would be relative to those highs, he said before adding:

“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%, which is relatively small compared to previous pullbacks.

#Bitcoin This cycle is like no other.

Price made a new all time high before the halving and has stalled since.

Technically, it's still ahead of where previous cycles would be relative to the previous cycle highs.

That's why I feel like these past 6+ months are not that odd. pic.twitter.com/m5SqsOtdUq

— Daan Crypto Trades (@DaanCrypto) September 8, 2024

Don’t Panic, Zoom Out

On Sept. 8, WeRate co-founder Quinten Francois posted a chart of the current and past two market cycles overlaid with the caption “stop panicking and zoom out.”

The charts from the 2017 and 2021 bull market cycles line up almost perfectly with the current one, suggesting that markets are where they should be and the bull phase should commence over the next 12 months or so.

Stop panicking and zoom out #Bitcoin $BTC pic.twitter.com/HXfVKGrL1Q

— Quinten | 048.eth (@QuintenFrancois) September 8, 2024

Bitgrow Lab founder Vivek Sen posted a very similar chart depicting where BTC is in the current market cycle, and where it is likely to go.

Every single time. #Bitcoin pic.twitter.com/gh5NPHBMB3

— Vivek (@Vivek4real_) September 8, 2024

Moreover, 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’ also compared this cycle with previous halving years with a more positive outlook for the rest of 2024.

In the previous halving years (2016 and 2020), Bitcoin enjoyed three straight months of upside across October, November, and December, the analyst observed.

Sentiment at Rock Bottom

Nevertheless, sentiment is still at rock bottom with the Bitcoin Fear and Greed Index at yearly lows with 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.

It is currently very close to support levels and would need to reclaim $56,000 soon to register further gains.

This week, there could be more volatility due to a presidential election debate and key inflation reports.

Presidential debate in 2 days, CPI in 3 days, PPI in 4 days, rate cuts in 10 days … tick tock, tick tock