The post Bitcoin Bull Run: Will 2024’s Cycle Truly End in September? appeared first on Coinpedia Fintech News
Currently, the crypto community is bustling with anticipation that Bitcoin (BTC) is perhaps going to end in September. A CryptoQuaint analyst, “Yonsei_dent, mentions the indicator of “Supply in Profit”, which reflects a percentage of how much of the circulating BTC supply is actually profitable.
Considering the records, when this indicator drops significantly, the bull markets come to an end. In fact, Bitcoin has already undergone a 21% drop in May, and 16% recently. Right now, BTC struggles to stay above $61,500, and the greed index too has dropped to major lows, which haven’t been seen since September 2023, adding further concerns.
What Makes 2024’s Bitcoin Cycle Different?
The 2024 Bitcoin bull run, although is expected to end in September, stands out for its prompt achievement of an all-time-high (ATH) of $73,000 on March 14, 2024. It’s believed that this prompt rise is due to an increased institutional adoption and the Bitcoin ETFs’ launch. Therefore, Matthew Kaye of Intuition Systems stated, this accelerated pace actually indicates a maturing market, having stronger foundational support. Overall, institutional support along with legitimacy and accessibility of ETFs have played a crucial role in this unique BTC cycle.
Will Technical Analysis Prove the Bulls Right?
Although Bitcoin has witnessed price drops recently, technical analysis suggests that the Bitcoin bull run might not be over soon. According to analyst Jelle, the current structure of Bitcoin is characterized by both higher highs and higher lows, hinting at the ongoing bullish momentum. In addition, this pattern also suggests that the recent price decline could be a consolidation phase prior to another hike.
Moreover, if the “Supply in Profit” drops below 0.4+ standard deviation and comes close to 1,500-day moving average, it could bear the market’s onset. Jelle predicts a rise to $63,500 by the end of the week, quite similar to the “Red Monday, Green Week” concept, where a recovery follows a brief drop.
Hence, although indicators suggest that the Bitcoin bull run might end in September, the unique aspects of the 2024 cycle and the currently ongoing bullish technical analysis offer a more complex outlook.