Bitcoin Price Shows Signs That $126K Was The Peak

Key takeaways:

• Market analysts believe the Bitcoin bull run could soon come to an end.  

• BTC price risks a 50% correction to $52,200 if key support levels fail, according to technical analysis.

Bitcoin (BTC) fell to $103,500 on Friday, resulting in over $916 million in liquidations of leveraged long positions and dampening sentiment in BTC markets.

Investors appear to be losing confidence after two straight weeks of failing to hold prices above $110,000. But does this mean the bull run is over?

Bitcoin bull run “ends in 10 days”

Bitcoin may only have a few days of price expansion left in the cycle, especially if it follows historical patterns from past bull runs, according to analyst CryptoBird.  

The Bitcoin “bull run ends in 10 days,” the analyst said in an X thread on Tuesday, basing the forecast on previous cycles.

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Cycle Peak Countdown shows that the Bitcoin bull run is 99.3% done, as weak hands are shaken out “in a classic pre-peak pattern,” the analyst said.

“1,058 days since cycle low = 99.3% complete, with only 0.7% remains of this historic bull cycle. Our October 24 target is exactly 10 days away.”

According to the analyst, the ongoing pullback is right on schedule, adding that it appears to be a classic pre-peak behavior that occurs in every major cycle, as “final weak hands getting flushed before the euphoric top.” 

It has been 543 days since the 2024 Bitcoin halving, which put the BTC market “+25 days inside the historical 518-580 day peak window,” the analyst said, adding:

“We’re not just in the zone – we’re deep in the statistical heart where every major Bitcoin top has occurred.”

As Cointelegraph reported, the Bitcoin Fear and Greed Index has hit yearly lows of 22, signifying “extreme fear” among investors. 

CryptoBird said that this represents a complete reset in market sentiment before BTC embarks on its final leg. 

“This emotional washout creates the perfect launchpad for final leg euphoria.”

Bitcoin price could drop to $50,000: Analysts

Bitcoin’s drop below key support levels today, including the 200-day simple moving average, has led to structural weaknesses, which could potentially lead to a deeper correction, according to analysts.

The price is “now testing the 0.786 fibonacci retracement level around $104,000,” analyst Daan Crypto Trades said in an X post on Friday, adding that losing this level would bring June lows at $98,000 into the picture. 

“Touching grass if bulls can’t manage to hold this level this week.”

Fellow analyst Captain Faibik highlighted that Bitcoin appears to be following a rising wedge pattern on the weekly chart, with a measured target of $52,200.

“The Bitcoin bull run is over,” the analyst said in a Friday post, adding:

“A 50% bearish correction is likely incoming in the midterm.”

As Cointelegraph reported, retail interest in Bitcoin is already at bear market levels, reflecting caution and anticipation of deeper BTC price drawdowns.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.