{"id":641030,"date":"2024-09-11T07:00:59","date_gmt":"2024-09-11T07:00:59","guid":{"rendered":"https:\/\/wncen.com\/?p=641030"},"modified":"2024-09-10T18:51:30","modified_gmt":"2024-09-10T18:51:30","slug":"is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles\/","title":{"rendered":"Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles"},"content":{"rendered":"

Bitcoin market performance has been underwhelming since its peak above $73,000 in March 2024. Instead of building on this rally, the top crypto has faced continued consolidation coupled with a series of declines, frustrating many investors.<\/p>\n

Currently, Bitcoin is down 22.7% from its March high, raising concerns over whether this signals the start of a deeper bear market. The decline has shaken confidence, with market analysts now questioning the near-term outlook for the digital asset<\/a>.<\/p>\n

Related Reading: Bitcoin Price Could Extend Gains: Will Bulls Stay in Control?<\/a><\/div>\n

Bitcoin Price Continous To Struggle, Why?<\/h2>\n

Analysts from IntoTheBlock, a market intelligence platform, have recently shared insights<\/a> on X, reflecting the changing sentiment. In a post uploaded earlier today, the analyst noted:<\/p>\n

Bitcoin\u2019s price remains under pressure, with no significant upward momentum. The market, once hopeful for a rally, now faces growing uncertainty as both retail and institutional interest appear to be dwindling.<\/p><\/blockquote>\n

The analysts asked, “is this just a quiet phase or the start of a prolonged bear market?”<\/span><\/p>\n

To answer this question, IntoTheBlock first assessed Bitcoin price struggles and the factors contributing to the lackluster price movement.<\/p>\n

Mentioning “macro landscape,” the market intelligence platform disclosed that the possibility of a global recession looms large, creating a cautious outlook for risk assets<\/a> like Bitcoin.<\/p>\n

They noted that although many expect rate cuts soon, these measures may take time to affect Bitcoin and other cryptocurrencies positively. Meanwhile, until that happens, the broader macro environment will likely continue to pressure market sentiment and investor confidence<\/a>.<\/p>\n

Furthermore, IntoTheBlock touched on the interest in cryptocurrencies, which has also been declining sharply in recent months.<\/p>\n

According to the market intelligence platform, search trends related to Bitcoin and other digital assets have significantly decreased, reflecting a drop in public interest.<\/p>\n

\"Search
Search trend for cryptocurrency plummets on Google. | Source: 0xLoris on X<\/a><\/figcaption><\/figure>\n

Even app rankings for major crypto exchanges like Coinbase have fallen, suggesting fewer users engage with the market. This trend has extended to on-chain metrics, where the number of new Bitcoin addresses remains low, indicating a slowdown in market participation.<\/p>\n

Should You Panic?<\/h2>\n

While the current downturn has raised concerns, analysts from IntoTheBlock see potential parallels to Bitcoin\u2019s price action in 2019. They noted:<\/p>\n

Historical Bitcoin halving cycles suggest it could be a post-halving dip, something we\u2019ve seen before. Parallels to 2019<\/span>: Interestingly, many analysts point out the current phase mirrors 2019, where the market also slowed down after a (local) high. Back then, the market experienced a prolonged consolidation before turning bullish again. Could we be on the same path?<\/p><\/blockquote>\n

IntoTheBlock further highlighted that “other cycle data tells a different story.” The market intelligence platform noted that in recent weeks, the balances of long-term Bitcoin holders have hit new lows, echoing post-peak trends from previous market cycles<\/a>.<\/p>\n

\"Bitcoin
Bitcoin long-term holders. | Source: IntoTheBock<\/figcaption><\/figure>\n

According to IntoTheBlock, this could signal a “prolonged cooldown” phase for Bitcoin, potentially delaying any significant price recovery<\/a>.<\/p>\n

Related Reading: Bitcoin To Break $100K By 2025? Experts Weigh In On Potential New ATH<\/a><\/div>\n

The analysts noted that while the market faces uncertainties, there are no definitive answers. They concluded:<\/p>\n

There are no clear-cut answers, but by considering past cycles and current data, we can stay open to possibilities Keep track of both on-chain data and macro factors\u2014they will be critical in determining what comes next<\/p><\/blockquote>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin market performance has been underwhelming since its peak above $73,000 in March 2024. Instead of building on this rally, the top crypto has faced continued consolidation coupled with a series of declines, frustrating many investors. Currently, Bitcoin is down 22.7% from its March high, raising concerns over whether this signals the start of a deeper bear market. The decline has shaken confidence, with market analysts now questioning the near-term outlook for the digital asset. Related Reading: Bitcoin Price Could Extend Gains: Will Bulls Stay in Control? Bitcoin Price Continous To Struggle, Why? Analysts from IntoTheBlock, a market intelligence platform, have recently shared insights on X, reflecting the changing sentiment. In a post uploaded earlier today, the analyst noted: Bitcoin\u2019s price remains under pressure, with no significant upward momentum. The market, once hopeful for a rally, now faces growing uncertainty as both retail and institutional interest appear to be dwindling. The analysts asked, “is this just a quiet phase or the start of a prolonged bear market?” To answer this question, IntoTheBlock first assessed Bitcoin price struggles and the factors contributing to the lackluster price movement. Mentioning “macro landscape,” the market intelligence platform disclosed that the possibility of a global recession looms large, creating a cautious outlook for risk assets like Bitcoin. They noted that although many expect rate cuts soon, these measures may take time to affect Bitcoin and other cryptocurrencies positively. Meanwhile, until that happens, the broader macro environment will likely continue to pressure market sentiment and investor confidence. Furthermore, IntoTheBlock touched on the interest in cryptocurrencies, which has also been declining sharply in recent months. According to the market intelligence platform, search trends related to Bitcoin and other digital assets have significantly decreased, reflecting a drop in public interest. Even app rankings for major crypto exchanges like Coinbase have fallen, suggesting fewer users engage with the market. This trend has extended to on-chain metrics, where the number of new Bitcoin addresses remains low, indicating a slowdown in market participation. Should You Panic? While the current downturn has raised concerns, analysts from IntoTheBlock see potential parallels to Bitcoin\u2019s price action in 2019. They noted: Historical Bitcoin halving cycles suggest it could be a post-halving dip, something we\u2019ve seen before. Parallels to 2019: Interestingly, many analysts point out the current phase mirrors 2019, where the market also slowed down after a (local) high. Back then, the market experienced a prolonged consolidation before turning bullish again. Could we be on the same path? IntoTheBlock further highlighted that “other cycle data tells a different story.” The market intelligence platform noted that in recent weeks, the balances of long-term Bitcoin holders have hit new lows, echoing post-peak trends from previous market cycles. According to IntoTheBlock, this could signal a “prolonged cooldown” phase for Bitcoin, potentially delaying any significant price recovery. Related Reading: Bitcoin To Break $100K By 2025? Experts Weigh In On Potential New ATH The analysts noted that while the market faces uncertainties, there are no definitive answers. They concluded: There are no clear-cut answers, but by considering past cycles and current data, we can stay open to possibilities Keep track of both on-chain data and macro factors\u2014they will be critical in determining what comes next Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":641033,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,1119,78790,6664,10923,79112],"class_list":["post-641030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-intotheblock"],"acf":[],"yoast_head":"\nIs Bitcoin Heading For A Bear Market? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin Heading For A Bear Market? 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