Is the Bitcoin and Altcoin Bull Market Over? What do analysts say?

The cryptocurrency market has experienced significant turbulence recently. This has raised questions about the longevity of the current Bitcoin and altcoin bull market. Analysts and industry insiders offer various perspectives on the future of Bitcoin and altcoins, reflecting on market trends, macroeconomic factors and investor behavior.

Analysts’ predictions about Bitcoin and altcoins

Bitcoin investor Murad Mahmudov points out two possible scenarios for the future of Bitcoin. He suggests that if the price remains above $60,000, the bull market will continue following the typical four-year cycle. However, depending on macroeconomic conditions, it is possible that a global calm could send Bitcoin lower to $30,000.

Bitcoin Price Analysis. Source: TradingView

Likewise, CryptoQuant Research Manager Julio Moreno also talks about the possibility of Bitcoin falling to $60,000. Moreno says Bitcoin’s short-term holders are at a very valuable price level around the realized price of $62,800. This metric will either provide a foothold or cause the price to drop further. If it falls, it is likely to lead to an 8% to 12% correction, pushing Bitcoin to around $60,000.

Legendary analyst warns 48 thousand dollars for Bitcoin!

Looking from a technical perspective, legendary analyst Peter Brandt draws attention to the $60,000 support level. Brandt warns that exceeding this level will lead to further declines. The analyst assumes that Bitcoin will fall to $48,000 if it falls below $60,000.

Bitcoin Short-Term Holder Realized Price. Source: CryptoQuant

More consolidation?

Meanwhile, market analyst Bob Loukas takes a more measured stance. The analyst predicts a period of consolidation similar to that observed last summer. Emphasizing the possibility of a repeating pattern, Loukas suggests that patience may be required while the market stabilizes. In this context, the analyst makes the following assessment:

Last summer’s consolidation was visualized this summer. I’m not saying this will happen again, but it is a reminder of what is possible and the patience that may be needed.

Will Clemente, co-founder of Reflexivity Research, also expects a consolidation phase. He has changed his investment strategy, holding only core Bitcoin holdings and a few other positions. Clemente predicts that Bitcoin will experience a sideways movement throughout the summer. However, he believes there is potential for higher prices in the fourth quarter, influenced by economic information and Fed actions.

Bitcoin Price Analysis. Source: TradingView

What is the situation on the altcoin front?

Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, speaks cautiously. As you follow from , Bitcoin ETF approval has created momentum. The analyst is unsure whether this momentum will spread to altcoins, especially Ethereum. While interest in Bitcoin may increase, he doubts the same will be true for Ethereum ETFs.

Despite the pessimistic outlook, analysts at Blockchain analytics firm Santiment note current market sentiment. As the price of Bitcoin falls to $65,000, investors are observing increasing anxiety among investors. If panic selling continues, this dismay could lead to a discontinuous bounce and a buying opportunity. In this regard, Santiment analysts share the following assessment:

Sudden spikes in talk of selling or profit-taking are common after a decline, and if we see continued FUD and panic from small traders, a discontinuous bounce and buying opportunity could occur.

Bitcoin’s Social Media Sensitivity. Source: Santiment

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