Bitcoin Bull Run Coming To An End: Cycle Peak | Crypto News
After a turbulent few days, Bitcoin (BTC) has resumed its downtrend, at the moment retracing toward $111,000. This marks a 12% decline from its current peak of $126,000, which raises issues among market consultants who counsel that the bull run could also be nearer to its end than many buyers imagine.
End Of Bitcoin Bull Cycle Within Nine Days?
On October 14, market analyst CryptoBirb, took to social media platform X (previously Twitter) to assert that the bullish cycle is nearing its conclusion, stating that it might end within the next 9 days.
He referenced the Cycle Peak Countdown indicator, which suggests that Bitcoin is 99.3% through its current cycle, having lasted 1,058 days. According to CryptoBirb, this remaining stage is characterised by a “textbook shakeout of weak hands,” a common sample noticed before market peaks.
CryptoBirb emphasised that October 24 serves as a important goal date, just 9 days away, and labeled the current crash as “right on schedule.” He additional explained that the market is deep within the height zone, with 543 days elapsing since the last Bitcoin Halving, exceeding the historic peak window of 518 to 580 days.
The sentiment in the market also seems to have shifted dramatically, with the Fear & Greed Index plummeting from 71 to 38, indicating a reset from worry to euphoria. The Relative Strength Index (RSI) also dropped from 67 to 47, suggesting that this emotional washout might create an best launchpad for a remaining euphoric surge.
However, technical indicators show combined indicators: while the Average True Range (ATR) has expanded to 4,040, indicating greater volatility, the RSI’s place at 47 suggests a reset momentum.
What On-Chain Metrics Suggest
Institutional buyers have also begun to shift their methods, as evidenced by current Bitcoin Exchange-Traded Fund (ETF) flows, which reversed from $627 million in inflows to $4.5 million in outflows.
Ethereum ETF outflows reached $174.9 million, indicating that sensible money is taking earnings before retail buyers probably worry of lacking out (FOMO) in. CryptoBirb asserts that this habits aligns with a basic distribution-to-accumulation transition.
On-chain metrics mirror a cooling market, with the Net Unrealized Profit/Loss (NUPL) dropping to 0.522 from 0.556, and the Market Value to Realized Value (MVRV) declining to 2.15 from 2.45. These profit-taking actions could also be creating the mandatory space for a remaining euphoric push.
When inspecting October’s efficiency, Bitcoin is down 2.09% month-to-date, contrasting sharply with its historic average of a 19.78% increase. This underperformance may truly be a bullish signal, suggesting that a vital transfer might still be on the horizon in the ultimate weeks of the month.
In abstract, the current cycle seems to be 99.3% full. It has already spent 25 days in the height zone and skilled a reset in sentiment and institutional distribution, as nicely as weak efficiency in October. However, if the analyst’s thesis proves proper, this mixing may flip into a good storm for a remaining surge before coming into a new crypto winter.
Featured image from DALL-E, chart from TradingView.com
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