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

On September 9, crypto trader and analyst “Daan Crypto Trades” told his 382,000 X followers that this cycle is not like previous ones, as BTC hit a new high before the halving, but s ‘has stagnated since then.

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

“That’s why I think these last 6 months or so aren’t so strange.”

Bitcoin’s 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.

The price hit a new all-time high before the halving and has stagnated since then.

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

That’s why I think these last 6 months or more aren’t so strange. pic.twitter.com/m5SqsOtdUq

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

Don’t panic, walk away

On September 8, WeRate co-founder Quinten Francois posted a chart of both current and past market cycles, overlaid with the caption “stop panicking and walk away.”

The charts for the 2017 and 2021 bull market cycles line up almost perfectly with the current one, suggesting that the markets are where they should be and that the bull phase should begin in 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 showing where BTC is in the current market cycle and where it is likely to go.

every time #Bitcoin pic.twitter.com/gh5NPHBMB3

— Vivek⚡️ (@Vivek4real_) September 8, 2024

Also, miners have started to accumulate again after a big sell-off, which is another sign that the cycle is where it should be in the previous four-year periods.

Analyst ‘Rekt Capital’ also compared this cycle to previous years at the half with a more positive outlook for the rest of 2024.

In the years before the halving (2016 and 2020), Bitcoin enjoyed three consecutive bullish months in October, November and December, the analyst noted.

Feeling at Rock Bottom

However, sentiment is still rock bottom with the Bitcoin Fear and Greed Index at yearly lows with a reading of 26, “fear”.

The asset fell to an intraday low of around $53,700 on Sunday, but rallied to recapture $55,000 briefly before falling to trade at $54,800 during Monday morning’s Asian session.

It is currently very close to the support levels and should recover $56,000 soon to post more 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 tick tick tick ⏳⏲️

— Satoshi Flipper (@SatoshiFlipper) September 8, 2024

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