You Have 2 Weeks to Take Profit, Bitcoin’s Bull Run is Ending (Analyst)

Bitcoin (BTC) reached a brand new all-time high of just about $126,000 over the weekend, persevering with its long-term rise in worth.

But a well known market analyst is now warning that the present bull cycle will solely final for about two extra weeks, which implies that traders have a brief period of time to lock in earnings earlier than a potential downturn.

A Final Push to New Highs

According to on-chain analyst Gigi Sulivan, the cyclical nature of Bitcoin points to a bull market conclusion round October 20. This projection, calculated from the April 2024 halving occasion, aligns with a historic sample of bull phases lasting roughly 546 days.

“Whether you need to imagine it or not, contemplating we’re seeing one other push into ATH, these subsequent 2 weeks are seemingly your finest shot at taking earnings after which ready patiently round 12 months for good low costs to re-enter the market throughout Bear part,” Sulivan suggested.

Despite Bitcoin’s newest upward momentum, the analyst suggests the anticipated high of $150,000 to $200,000 seems much less possible given the restricted time left.

“I’m anticipating to see Fear and Greed Index to pop over 80 similar to within the final days of Bull in Nov 2021,” they famous. “Take it as a really sturdy Sell sign, particularly when paired with Supply % in revenue working nearly at 100%.”

Supporting this cautious stance, latest on-chain information from fellow analyst CryptoOnchain revealed a major (*2*) of $4 billion in stablecoins from exchanges since September 22, with Binance accountable for 75% of the motion. The skilled means that it seemingly means many individuals are taking earnings, which reduces the sum of money out there to purchase issues instantly. This makes the market extra open to consolidation or correction.

Still, some studies are calling for increased peaks. For instance, analysts from The DeFi Report just lately acknowledged that the four-year cycle framework stays in place and that BTC might reach a worth between $160,000 and $170,000 by the tip of 2025. Their analysis indicated that there is nonetheless potential for additional upside earlier than a cycle high is confirmed, as evidenced by the high revenue realization and the still-high MVRV-Z rating.

Price Action, Cycles, and Outlook

At the time of this writing, Bitcoin was buying and selling at $123,648, down 1.1% within the final 24 hours. However, the main cryptocurrency is nonetheless 10.6% increased on the week, 11.6% above its stage a month in the past, and almost double its worth from the identical time final 12 months.

Over the previous seven days, BTC has ranged between $111,656 and $125,361, with its newest pullback inserting it roughly 1.6% beneath Sunday’s all-time high.

Meanwhile, a latest report by CoinGecko exhibits that every halving cycle has traditionally delivered smaller features. The examine discovered that the 2017 run yielded the best returns, at 29 instances the quantity invested, whereas the 2021 run had the bottom returns, at 6.7 instances the quantity invested.  The present cycle has not but reached 100% features, suggesting that the upside could also be leveling off, at the same time as new data are set.

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