Bitcoin Bull Cycle Under Pressure

Widely followed quant analyst PlanB says Bitcoin’s (BTC) latest correction is raising questions about whether its bull cycle is ending.

In a recent strategy session, PlanB noted that while on-chain data indicates Bitcoin remains in a bull cycle, the absence of new all-time highs since January might suggest a bear market is imminent.

> “Some questions about the Bitcoin market cycle chart. It is still measuring ‘bull market’ (red) in on-chain data. But as I explain in today’s video, we are at a crossroads.”

The analyst mentioned a possibility of a V-shaped recovery following Bitcoin’s correction to around $78,000 last week.

> “In bull markets, we can have multiple dips that are 20% or even 30%. However, this dip was unexpected. I anticipated more all-time highs post-January’s peak and expected February to surpass $102,000. So we’re really at the crossroads right now.”

> “Either we’ll have a red hot bull market or we enter the bear phase. What will it be? I don’t know. Was this the top, or will we see a V-shaped recovery and more bull market action?”

PlanB believes that based on historical trends, Bitcoin is likely to rebound from current prices and achieve new all-time highs.

> “Yes, it has been at this crossroads each and every halving cycle. In all cycles, the market has favored bull/FOMO (fear of missing out), but there have only been four cycles, not enough to make a statistically sound conclusion. Fingers crossed for this fifth cycle.”

As of now, Bitcoin is trading at $84,377, down 6.5% in the last 24 hours.