Key Points:
Bitcoin (BTC) traders are calling for a pullback after a historical high and seven consecutive "green" weekly candles.
The momentum of BTC prices continues to be questioned, with commentators generally believing that lower levels will follow.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin reached an all-time high this week—despite a one-third increase in the second quarter, BTC/USD still lacks conviction for many.
Long-term analysis suggests that not only will the price trend pull back to consolidate gains, but the entire bull market is also nearing its end.
In the latest call for a "reality check," the popular trading resource Stockmoney Lizards shared its perspective.
In its latest post on X, the resource reviewed a bull market roadmap for the end of 2023.
"In December 2023, we released this BTC roadmap (see below). I overlaid the actual chart with the same timeframe. While the price is slightly lower, the timeline is quite accurate," it commented.
The chart indicates that Bitcoin's next "cycle peak" will arrive in the fourth quarter of this year, followed by a bear market that will bring BTC/USD back to the 2021 high of $69,000.
Others have cited historical BTC price trends, advocating for a more imminent pullback.
Notable trader Crypto Chase pointed out that the current price is far above some typical bull market exponential moving averages (EMA).
"Every time the price strays far from the EMA (circled area), we always see a pullback," he told his X followers.
"Even if this pullback is brief before further increases, it is still a pullback."
The post acknowledged the increased institutional buying power in this cycle, which may skew price performance towards the bulls.
As Cointelegraph reported, several market participants have been anticipating a significant pullback this month.
Support targets range from $105,000 to $90,000, with supporters believing that the fuel for the bull market is running low.
"This doesn't mean a drop will come immediately; it just indicates that the bull market may be nearing its end. I would rather not take the risk of holding spot here. Look at the situation in 2021 compared to now," another trader, Roman, wrote in an update on X regarding this topic.
Roman described Bitcoin as "looking exhausted" based on the bearish divergence in the relative strength index (RSI).
Related: Bitcoin (BTC) Breaks $110,000: Can "Digital Gold" Under the Institutional Frenzy Open Up New Horizons?
This article does not contain investment advice or recommendations. Every investment and trading operation involves risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) ‘Looks Exhausted,’ Next Bear Market Target Price $69,000”
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