Cryptocurrencies in general have recently experienced a massive surge. Bitcoin, for example, has surpassed the much-anticipated $60k mark. Various analysts predict that the top cryptocurrency will reach $100,000 by the end of this year. Despite the possibility of reaching an ATH, some analysts believe bitcoin’s upside is limited. Rather, they discussed their outlook on an impending bear market.
Jason Pizzino, a digital asset analyst, has released a new video on YouTube to address the aforementioned topic to his subscribers. This analyst believes that Bitcoin dominance and market sentiment played a role in determining a bear run.
Meanwhile, according to history, during a bull market, money flows into Bitcoin, increasing Bitcoin’s market share in the cryptocurrency market.
When will the #Bitcoin and #crypto bull market end?https://t.co/dRasWuD7lZ— Jason Pizzino 🌞 (@jasonpizzino) October 15, 2021
The last Bull run?
The crypto market is in one of the final stages of Bitcoin’s market share increase. Following this, money flows back into altcoins.
“So, if we’re repeating history, perhaps we’re in one of the final stages of Bitcoin regaining some dominance before the money flows back out into alts.” And people get that last burst of euphoria and adrenaline as their money rises.”
The graph below illustrates this.
So the question now is, when will the bull run come to an end?
Consider the above graph. The main thing we look at here is “when we get these turning points – when the market begins to slow and then reverses back the other way,” the analyst explained, adding,
“This is the time when money is flowing back into Bitcoin, and then, as you can see, for a shorter period of time, money is flowing back into alts because people think, ‘Well, maybe it’s time for the alts to play again.'” However, it achieves a higher bottom in this case, and then it returns to Bitcoin. So it appears that the alt party has come to an end.”
Was it, however, true? Some signs, according to Pizzino, could be seen.
“As we can see, we’ve got two bottoms – a little double bottom here – and the money is flowing out into Bitcoin, but some old coins are still popping off within this period.” It’s just that it’s not evenly distributed throughout the space.”
Signs of a bearish trend
When positive news fails to drive up the price, it indicates that the market has turned bearish. Bitcoin, in fact, has been going through the same thing.
A lot of the bad news isn’t having much of an impact on Bitcoin. “We are still getting higher lows and the market is continuing to rise, and on the other hand, the good news is still driving the market higher,” he said, adding,
“If and when we enter a bear market, it will be the inverse. The good news will simply keep the market afloat. It won’t actually raise it much, and the bad news will continue to depress the market even more.”
In the last 24 hours, BTC has experienced a slight correction of about 2%. It was trading at $60.7k at the time of publication. Is this a true indication of the bear’s arrival?