Can the crypto bull market persist despite Bitcoin’s ongoing decline?

  • Excitement dwindled as BTC faced losses in the recent crypto market run 
  • Despite the downturn, experts assure that the market is far from reaching its peak. 

The world of Bitcoin [BTC] witnessed a dip on Monday, 25th June, with prices dropping to $58.6K during trading hours, leading to a decline in overall market sentiment.

This apprehension was widespread, even impacting US-based BTC ETFs, which experienced outflows for the 7th consecutive day, totaling $174.45 million. 

Further exacerbating the negative vibes was the looming BTC supply issues arising from Mt. Gox, German authorities, and BTC miners.

During Monday’s sell-off, a staggering 57K BTC, equivalent to $3.4 billion, was offloaded. The burning question on everyone’s minds: Has the crypto bull run reached its peak?

Has the crypto bull run reached its peak?

As a trendsetter in the market, BTC’s movements serve as a barometer for the ongoing crypto bull run.

Interestingly, an analysis of its RSI (Relative Strength Index) history indicated that there is potential for further bullish activity. RSI helps in assessing market buying and selling power. 

According to prolific X (formerly Twitter) user and analyst TechDev_52, the RSI indicator, known for predicting market peaks and troughs, is yet to signal a peak as of now.

Crypto bull run

Source: X/TechDev_52

Analyzing past trends, revisiting the RSI scale at the market’s lowest point while also witnessing an upsurge to the peak range aligns with market trends.

Further charts analysis by market cycle expert Rekt Capital brushes off concerns regarding the recent BTC pullback. According to their contributions,

‘An average pullback depth is -22%. The average pullback duration is 42 days. The current downturn is -16% in depth and 35 days long. The current decline falls short of the average depth and duration.’ 

crypto bull runcrypto bull run

Source: X/Rekt Capital

Adding to the positivity, on-chain indicators hinted that the crypto bull run has more ground to cover. 

The Market Value to Realized Value (MVRV) Z score, a long-term gauge of BTC market peaks and troughs, has yet to signal a peak, as per reports

Traditionally, a market peak occurs post the metric breaching the 6 mark (highlighted in red) or the upward resistance. 

Bitcoin crypto bull runBitcoin crypto bull run

Source: Glassnode

While short-term obstacles linked to BTC supplies from entities like Mt. Gox could hinder an immediate surge, long-term forecasts paint a promising picture for the crypto bull run. 

Next: Bitcoin: Why a correction below $60k could be good news for BTC bulls

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