Bitcoin ( BTC) continued its losing streak from the weekend into Monday, Sept. 1, dropping to $107,290, its lowest price in two months. Since reaching a new all-time high on Aug. 14, the top cryptocurrency has tumbled by nearly 14%, a decline that highlights waning investor interest. This downward trend coincides with spot bitcoin exchange-traded funds (ETFs) ending the week with a negative net outflow of $126.64 million.

While a few technical indicators suggest the possibility of a rebound, a drop below $107,000 could trigger further declines and potentially end BTC’s run above $100,000. Despite this, some pro- BTC analysts remain bullish, insisting that the top is not yet in. One such analyst, known as Mr Wall Street, argues that while some investors are selling in a panic, there is no evidence to support the idea that a bear market is underway.

In a post on X, Mr Wall Street stated:

“Bear market hasn’t started yet. All bear markets start in peak euphoria and from what I am seeing now we are in peak uncertainty, with investors divided between bullish and bearish. It’s more than clear that the bear market hasn’t started and we will see higher prices going into the end of the year.”

The analyst believes markets “will move very aggressively” in September, especially leading up to the Federal Open Market Committee (FOMC) meeting. If the FOMC makes aggressive rate cuts, the markets will go higher, putting BTC on a path to reach $140,000–$145,000 in the fourth quarter.

The bearish sentiment also extended to altcoins, with ethereum ( ETH) and XRP dropping 1.4% and 3.6% in 24 hours to $4,400 and $2.74 respectively. Despite being one of the main recipients of capital rotating from BTC, the number two digital asset trended with the rest of the market, bringing its seven-day losses to nearly 7%. XRP, which relinquished its number three spot over the weekend, was down 9% in seven days.

Other altcoins similarly declined, with their 24-hour losses ranging between 1.5% and 4%, which saw the crypto economy’s total market capitalization fall to $3.8 trillion.

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