Discover expert opinions on the potential end of the Bitcoin and crypto bull run in this insightful article, offering valuable analyst insights.
During a recent declining trend in the market, Bitcoin experienced about a 19% drop in its market value after touching its highest point. This condition raises a question among the traders about the crypto bull run.
Despite the recent dip, analysts still believe that it is a healthy consolidation and the bull run is on its way.
Bitcoin Correction: Market Health Indicator, Not End of Crypto Bull Run
A recent report from Sentiment stated a shift in market sentiments, The reports show that the crypto bull market has shown an upward trend as compared to March. This report shows a decline in Fear Of Missing Out (FOMO) and a rise in FUD (Fear, Uncertainty, and Doubt).
The price of Cryptocurrency has moved against the popular mood, however, there is a chance of a comeback before or shortly after a Bitcoin Halving.
Source: Sentiment
The increase in the crypto bull market aligns with Bitcoin’s recent performance. At the time of writing, Bitcoin is trading at $61646.
The value of Bitcoin falls dramatically as the time of halving comes, and this event is considered as a surge in Bitcoin price. The forthcoming Halving is set for a Block height of 840,000, expected on April 20, 2024.
Many experts believe there will be a surge in the price of Bitcoin after the halving. This assumption is mainly due to the approval of US spot Bitcoin’s ETFs.
Crypto analysts still believe this decline is a healthy movement. Crypto analysts Cryptocon stressed the need for corrections; even in the crypto bull run, he indicated a 20-week EMA at $55,600 as a support of Bitcoin.
“As long as Bitcoin continues to retest this moving average, we can see a nice smooth curve like 2017 to the top,” he explained.
PlanB, a famous crypto analyst, maintains a long run Bullish cycle for Bitcoin
“[In my opinion], this Bitcoin halving will not be different … BTC top will be above $300,000 in 2025,” PlanB said.
The experts’ sayings align with the history of Bitcoin after Halving. After the first Halving event, the value of Bitcoin rose from $13 to $1000 in late 2013. After the second Halving, the price of Bitcoin jumped from $650 to nearly $20000 by the end of December 2017. The third halving makes the price of Bitcoin touch a figure of $69000, rising from $8,000 by November 2021.
It may remain positive for Bitcoin traders, but Halving is a major concern for Bitcoin Miners. This event will cut the reward for miners from 6.25 to 3.123 Bitcoin, which will affect their profitability. Now miners will diversify their approach by using advanced machinery and reducing their mining costs,
According to the study by ColinShares in January 2024, some miners can survive. Miners who possess substantial Bitcoin holdings and stronger capitalization tend to thrive more in bullish markets. However, miners with limited cash holdings and high mining costs fear the price decline.
The upcoming Bitcoin halving, current corrections, and US approving ETFs make it difficult to analyze the current market situation; however, the sentiment for a long-run bullish market remains strong among experts.
