Traders are expressing skepticism about Bitcoin's recent price surge, claiming that a correction is due. Despite the current rally, several market analysts believe the bull market may be nearing its end. A notable forecast suggests that Bitcoin could reach a peak in Q4 of this year, followed by a bear market pulling prices back to 2021 highs of $69,000. Historical trends indicate that Bitcoin's price often deviates significantly from its exponential moving averages, which typically triggers a pullback. Various analysts have noted that Bitcoin appears 'exhausted' based on indicators such as the relative strength index (RSI). Increased institutional investment this cycle is acknowledged as a potential factor, but caution is advised as traders monitor market signals for an upcoming downturn. The overarching sentiment is one of prudence, advising against holding positions in what is seen as a possibly diminishing bull run.

Source 🔗