Bitcoin’s Recent Slip Below $90,000 Doesn’t Signal the End of the Bull Market, Analyst Predicts

The volatility surrounding Bitcoin’s price movements has left traders grappling with uncertainty. Despite this, on-chain data paints a different picture—one that suggests Bitcoin is still firmly in a bullish phase.

Bitcoin’s recent slip below $90,000 has sparked concerns about a potential trend reversal. However, leading on-chain indicators and expert analyses suggest that the cryptocurrency’s historic bull run is far from over.

As Bitcoin continues to move above $90,000, all signs point to a continuation of the bull market despite recent volatility.

Bicoin is currently trading hands at around $94,725.00.

Still Dominating in the Broader Picture

With bullish sentiment still dominating the broader picture, Bitcoin analyst Ki Young Ju predicts that this could be the longest bull market in history.

“I expect this to be the longest bull run in history, but I could be wrong,” Young Ju shared on X.

His assertion is backed by the common knowledge that Bitcoin’s cycle follows a two-year uptrend before a bear market takes over. According to this theory, the ongoing bull run could extend well into April 2025. However, Ju cautions that another month’s worth of data is needed to confirm whether Bitcoin can sustain its upward momentum or if a shift to bearish territory is imminent.

Several critical indicators reinforce the notion that Bitcoin’s bull run remains intact:

• Hash Rate: A measure of the total computing power used to mine Bitcoin, the hash rate has hit a record high, indicating increased participation in the network and a robust blockchain.

• Miner Revenue: Reflecting the value of newly mined Bitcoin, miner revenue has soared to new highs, highlighting the cryptocurrency’s intrinsic worth and the miners’ role in securing the network.

• Transaction Volume: High transaction volume signals strong user activity and demand for Bitcoin, further supporting a bullish market.

Key Market Indicators Signal Strength

Furthermore, Young Ju highlights critical market indicators that point towards Bitcoin’s strength and potential for further gains.

According to his analysis, Bitcoin has already breached a key resistance level at $80,000, paving the way for a continuation of the upward trend. Additionally, the cryptocurrency has managed to stay above the 200-week moving average, which is often seen as a crucial indicator of long-term market health.

Short-Term Outlook: Rebound on the Horizon?

As Bitcoin hovers around $94,725, analysts have set their sights on the $100,000 milestone. While short-term corrections are expected, the consensus is that any dips will serve as opportunities for accumulation rather than indicators of a prolonged downturn.

Ki Young Ju suggests that a potential bottom could be established around $77,000, but the likelihood of Bitcoin falling to this level remains low. Instead, a period of price consolidation could unfold before an upward breakout occurs. Historically, Bitcoin has demonstrated resilience in previous corrections, bouncing back stronger after testing key support levels.

Bitcoin’s Next Move: What to Expect?

At the time of writing, Bitcoin trades at $94,915, marking a 12% increase over the past week. With the stage set for a historic rally, all eyes remain on the coming months as Bitcoin investors prepare for what could be the longest bull run in history.