Bitcoin Bull Run Faces Exhaustion, $69K Bear Target Eyed
Bitcoin Rally 'Looks Exhausted' as Traders Eye $69K Bear Market Target
Despite Bitcoin reaching new all-time highs this week and posting a strong Q2 performance, some traders believe the bull market may be approaching its final stages. The leading cryptocurrency has surged over 30% this quarter, but calls for a pullback are growing louder.
Bitcoin recently hit $110,501, yet sentiment among some analysts and traders has shifted toward caution. Skeptics argue that the recent rally is overextended and resembles previous market tops, despite current bullish narratives driven by institutional inflows.
Traders See Pullback Ahead
Market observers point to seven consecutive weekly green candles and a growing divergence from key exponential moving averages (EMAs) as signs that a correction is overdue.
“Every time price deviates far outside the EMAs, we always see a pullback,” said trader Crypto Chase, who suggested that even a temporary dip could be imminent.
Check out this tweet by @StockmoneyL
A popular chart roadmap from December 2023, reposted by Stockmoney Lizards, still forecasts a cycle peak in Q4 2025, with a subsequent retracement to the $69,000 range — the highs from the 2021 bull run. While Bitcoin has tracked slightly below this model, the overall timeline remains intact.
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Signs of Market Fatigue
Other traders like Roman have echoed concerns of market exhaustion, noting bearish divergences on the relative strength index (RSI). “Bitcoin looks exhausted,” Roman commented, adding that while an immediate drop isn’t guaranteed, the risk of holding at current levels may no longer justify the reward.
Support levels in a potential retracement range from $105,000 to $90,000, with many warning that a pullback would be a healthy reset rather than a collapse.
Despite the bearish sentiment, some acknowledge that institutional buying could skew this cycle’s behavior compared to past ones. However, historical patterns continue to influence projections, and traders are closely watching for signs of a top.
As Bitcoin navigates uncharted territory, market participants remain divided — with bulls riding the momentum and cautious voices bracing for a potential shift into a cooling phase.
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