Bitcoin bull market not over!

drutter - 2024-05-20 07:38:21

The Bitcoin price rose from 40k to over 60k in February, peaking at almost 74k in March. Since then, the price has failed to break out further, leading many to assume the bull market is over. This current price chart with a few simple markings dispels that notion completely.


To a chart showing price action since the end of the bear market in 2022, I added yellow lines around the bull market, and several blue lines around corrections.

It draws attention to the fact that the current retracement isn't anything new - it has happened several times during this bull run. (And if you go back to previous bull markets, the same retracements are there.)

Where we are now at 67k puts us right in the middle of the bull market price channel. Yes, we're down from 74k, but nothing ever goes straight up or straight down - there are always pauses and corrections along the way. If we take this long-term view, it's pretty clear there's nothing yet signaling the bull market is over. In fact, it could be ready to pop to 80k and beyond, now that some consolidation has occurred.

The crypto market is turning green:


As for BLURT…


Over the same time period, BLURT has gone sideways at best, recently falling to a new all-time low.

There's still hope though, as the crypto bull market looks like it will continue well into 2025, and the "alt coins" always do best in the second half of the bull market. To go to a new all-time high this cycle, BLURT would have to go up about x100 from here.

Could happen!

One thing that does seem clear to me is the bull market isn't over just because we're down from the 74k point. These consolidations happen all the time during bull markets. If anything, recent price action suggests we're headed toward 100k soon!