News
Time for a new rally or a further crash? — TradingView News
In short
Crypto-potato
The end of the bull market or just normal?
The leading cryptocurrency recently experienced one of its most severe corrections since early 2024. As reported by CryptoPotator, its price briefly dropped below $54,000 for the first time since February.
And while some might take this as a sign that the bull market may be over, others argue that such dips are normal and part of BTC’s expansion path. Prominent user X the Crypto Chief noted the substantial market drop but thinks investors shouldn’t “go bearish.”
“It’s time to zoom out and stay calm. Wrong for now, but let’s hold on. Time will tell,” the analyst added.
Crypto Tony shared a similar view, noting that the latest market crash cannot be compared to the overall bullish year (so far) for the cryptocurrency industry:
“Put things in perspective. If you are panicking, then you simply bought too high and are most likely in resistance without a plan.”
Mikybull Crypto and Rekt Capital are among the crypto enthusiasts who predict a BTC rally in the near future based on the asset’s historical performance. The former recalled a similar correction in Q3 2023, which was then replaced by a new bull run.
Rekt Capital believes that the leading digital asset has not yet benefited from the BTC halving, which took place in April this year. The analyst noted that the price peaked more than 500 days after the 2016 and 2020 halvings:
“If history repeats itself and the next bull market peak occurs 518-546 days after the halving… This would mean that Bitcoin could peak in this cycle in mid-September or mid-October 2025.”
Halving is a major event that occurs approximately every four years and halves the rewards paid to miners for validating new blocks on the BTC blockchain. Historically, the process has been followed by a massive recovery for the primary cryptocurrency and the entire market. The worst-case scenario
It is worth mentioning that some analysts have suggested that the BTC rally may be over. One example is X-user Ali Martinez, who speculated that the approval of Bitcoin ETFs, the meme coin craze, and celebrity-introduced tokens could be all this bull run had to offer.
This cycle, we’ve seen the approval of #Bitcoin ETFs, the #memecoin craze, and celebrities launching their own #altcoins!
But what if that’s it? What if we’ve already reached the euphoria and are now feeling complacent, thinking “we just need to cool down for the next rally”? pic.twitter.com/aTCuppjTPF
— Ali (@ali_charts) July 4, 2024