Bitcoin 'looks exhausted' as next bear market yields $69K target

Key points:

• Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue.

• Both the latest surge and the bull market itself are on borrowed time, traders say.

• Comparisons to previous price cycles remain in use despite the booming institutional investment scene.

Bitcoin (BTC) traders are calling for a pullback after all-time highs and seven “green” weekly candles.

BTC price momentum continues to be met with skepticism as commentators assume that lower levels will come next.

Bitcoin hit its highest-ever levels this week, data from Cointelegraph Markets Pro and TradingView confirmed — but despite being up by a third in Q2 already, BTC/USD remains unconvincing for many.

Long-term analysis suggests that not only is price action due to return lower to consolidate gains, but that the entire bull market is near completion.

Among the latest prognoses calling for a “sanity check” is that of trading resource Stockmoney Lizards.

In one of its latest posts on X, it brought back a bull market roadmap from late 2023. 

#Bitcoin

This is our personal roadmap for this cycle. The most important key takeway message:

1. Bullish momentum will continue, driven by mass adoption (ETFs, big institutions buying)

2. We expect volatility and a possible correction in the mid-30ks in Q1 2024

3. New ATH in… pic.twitter.com/t9xJYCsUSU

“In December 2023 we posted this BTC roadmap (lower picture). I overlayed the actual chart with the same TF. Price is a bit lower, however, timelines are fairly accurate,” it said.

The chart itself shows Bitcoin’s next “cycle peak” coming in Q4 this year, with the subsequent bear market taking BTC/USD back to 2021 highs of $69,000.

Others referenced historical BTC price action to argue for a more imminent correction.

Trader Crypto Chase noted that the price is now considerably higher than some typical bull market exponential moving averages (EMAs).

“Every time price deviates FAR outside the EMAs (circled areas), we always see a pullback,” he told X followers. 

The post acknowledged the presence of increased institutional buying power this cycle, something which could skew price performance in bulls’ favor.

As Cointelegraph reported, various market participants have been expecting a significant comedown this month.

Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this week

Support targets include everywhere from $105,000 to $90,000, with proponents seeing little fuel left in the bull market tank.

“This doesn’t mean downside is coming immediately, it just means the bull run is likely coming to an end and I’d rather not take the risk and hold spot here. See 2021 vs now,” fellow trader Roman wrote in an X update on the topic.

Roman described Bitcoin as “looking exhausted” based on relative strength index (RSI) bearish divergences.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.