Is the Bitcoin bull run ending? Analyst says metrics don’t point to a ‘market peak’ yet
Bitcoin’s recent price woes near $92,000 are short-term, and one analyst says traders should ignore the market noise.
Bitcoin’s (BTC) daily chart is on a three-day bearish streak, as the largest crypto asset dropped closer to $92,000 on Jan. 9. General investor sentiment was further deterred on Jan. 9 after the US Department of Justice (DOJ) greenlit the sale of 69,000 BTC worth over $6.5 billion, and spot Bitcoin ETFs witnessed their second-highest net outflow at $569.1 million.
With queries like, “Is Bitcoin bull market over?” starting to surface on X, one analyst said that bullish optimism toward BTC should remain intact.
Bitcoin’s recent downturn is primarily influenced by uncertainties around Federal Reserve rate cuts and investors adopting a cautious approach before President-elect Trump’s inauguration. Onchain data clearly highlights this sentiment, as the 30-day moving average of the Taker Buy/Sell ratio indicated sell-side dominance for the first time since March 2024 (when BTC peaked at around $74,000).
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Author: Biraajmaan Tamuly
