On Tuesday, Bitcoin (BTC) dipped below the significant $90,000 mark once again, raising concerns about the possibility of entering a new bear market and casting doubt on the cryptocurrency’s prospects. Market analyst Raun Neuner published a new analysis of the situation in a post on X (formerly Twitter).
Is $37,000 On The Horizon?Historically, Bitcoin’s bull markets tend to peak approximately 532 days after each Halving event. Applying this pattern to the current cycle suggests that Bitcoin could have reached its peak around early October, where it briefly touched $125,000.
Zooming out to consider broader traditional market dynamics provides further context. After a year marked by strong performances in both stocks and commodities, market corrections are to be expected.
Critical Bitcoin Support Levels To WatchThe immediate factors contributing to Bitcoin’s recent drop below the $90,000 threshold are linked to heightened volatility in global bond and equity markets, exacerbated by geopolitical tensions.
Consequently, investors have turned to safe-haven assets like gold, which recently reached a record price exceeding $4,700. In response, Bloomberg warns that macro risks may be underappreciated.
The next significant levels for the Bitcoin price in the near term, according to Bloomberg, lie between $84,000 and $85,000, which are expected to act as support for BTC. If the cryptocurrency fails to hold these levels, fears of a deep bear market may become more pronounced.
Featured image from DALL-E, chart from TradingView.com
