Is Bitcoin’s bull market over? 
Cryptocurrency Nov 26, 2024 Share
Bitcoin (BTC) has retreated further from the highly anticipated $100,000 milestone, raising questions about the asset’s sustainability of the current bull run.
The maiden cryptocurrency has plunged over 5% in the last 24 hours, trading at $91,950 as of press time.
On the weekly timeframe, BTC has corrected by a modest 0.13%, with the $90,000 level remaining a key support zone to watch. A drop below this spot could signal further losses as the post-election momentum appears to be fading.
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Bitcoin seven-day price chart. Source: Finbold
This short-term correction is partly tied to the behavior of long-term holders and the inflows around Bitcoin spot exchange-traded funds (ETFs). For instance, long-term holders sold 128,000 BTC, while U.S. spot ETFs absorbed 90% of the pressure, indicating increased demand from institutions.
Bitcoin long-term holders and spot ETF balances position change. Source: Glassnode
The fate of Bitcoin’s bull run
Reaching the six-figure milestone is key to validating the Bitcoin bull run. Retracing from this level has cast doubt on the asset’s upside potential.
However, Ki Young Ju, the founder of the on-chain analysis platform CryptoQuant, noted in an X post on November 26 that Bitcoin’s near-term price movement is not a cause for alarm.
According to Young Ju, historical price movements suggest that Bitcoin has faced corrections of up to 30%, even during parabolic bull runs. Despite similar corrections, he highlighted the 2021 rally, where BTC surged from $17,000 to $64,000.
Bitcoin drawdown from record high. Source: CryptoQuant
Young Ju advised investors to manage risk and avoid panic selling, emphasizing that the current dip is not unusual.
“This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms. We’re in a bull market,” he said.
On the other hand, Brett Reeves, from crypto infrastructure platform BitGo, attributed the correction to profit-taking but stressed that Bitcoin’s value would likely rebound as new capital flows into the sector, primarily through ETFs.
“Historically, when new all-time highs are reached there is typically a period of consolidation before further moves up. <…> We know that new institutional money is coming into the space and retail activity is picking up, both via ETFs and exchanges. With positive macro and regulatory news ahead, we could see a quick pick up in price activity,” he said.
Bitcoin technical setup
From a technical perspective, the cryptocurrency trading expert with the pseudonym Titan of Crypto emphasized that, despite the correction, Bitcoin still looks ‘terrific.’
With the monthly close approaching, the asset remains bullish, holding firmly within its ascending channel. The analyst noted that minor corrections on lower timeframes are healthy in bull markets.
Bitcoin price analysis chart. Source: TradingView
Although many experts maintain a bullish outlook for Bitcoin in the long term, some dissenting voices warn that the digital asset is at a critical juncture.
Prominent cryptocurrency analyst Ali Martinez cautioned that Bitcoin could face a massive crash to $85,610 if the $91,583 support level is breached, as reported by Finbold.
At its current valuation, Bitcoin needs to target the $95,000 resistance zone to sustain any short-term chances of hitting $100,000. However, some analysts believe the milestone will likely be achievable by January 2025.
Featured image via Shutterstock