Analyst Warns Bitcoin Bull Market Could End After October 2023

bitcoin‘s Bull Market May Be Nearing Its End, Analyst Warns
Limited Time for Price Growth Ahead
A prominent crypto analyst has issued a cautionary note regarding bitcoin‘s price trajectory, suggesting that the cryptocurrency may only have a few months left for significant price increases. Rekt Capital, in a recent video update, indicated that bitcoin‘s current rally could mirror patterns observed in 2020.
Potential Peak by October
Rekt Capital elaborated that if bitcoin‘s price movement aligns with the historical trends from 2020, the market could reach its peak by October, approximately 550 days following the bitcoin halving event scheduled for April 2024. “We might only have two to three months remaining in this bullish phase,” he stated.
Divergence from Historical Patterns
While Rekt acknowledged that some market participants are disregarding the traditional halving cycle, opting instead for a potential “cycle extension” that could last until 2026, he emphasized the importance of adhering to established metrics. He noted that many traders are abandoning these time-tested principles in favor of new narratives, such as bitcoin‘s relationship with the global M2 Money Supply.
Emotional Decision-Making in Market Analysis
Rekt cautioned against the impulsive nature of chasing new metrics, describing it as an emotional response that could cloud judgment. He stressed the need for a disciplined approach to analysis, particularly in the volatile crypto market.
Institutional Adoption Changing the Game
Despite Rekt’s warnings, some analysts argue that the conventional halving cycle may no longer be as reliable due to the increasing institutional adoption of bitcoin, a factor that was not present in earlier cycles. Geoff Kendrick, head of digital asset research at Standard Chartered, remarked that bitcoin has evolved beyond the previous patterns where prices typically fell 18 months post-halving.
Bullish Predictions for bitcoin‘s Future
In a bullish forecast, Standard Chartered previously predicted that bitcoin could reach $200,000 by the end of the year, a sentiment echoed by wealth management firm Bernstein. However, these estimates remain conservative compared to BitMEX co-founder Arthur Hayes’ more optimistic target of $250,000.
Conclusion
As bitcoin continues to navigate its current market phase, analysts remain divided on the implications of historical patterns versus emerging trends. Investors are encouraged to conduct thorough research and consider various factors before making any trading decisions.
This article is for informational purposes only and does not constitute investment advice. All trading carries risks, and readers should perform their own due diligence.