According to a TradingView expert, Bitcoin's bearish trend has already begun, and at the peak of the downward cycle, the coin's price could fall to $61,000.
The analyst observed a general weakening of the upward momentum in the crypto market, associated with a significant flow of free liquidity into Bitcoin, amid a shift in retail and corporate investor sentiment.
EXCAVO stated that the conclusions about the upcoming bullish trend reversal are supported by three classic signs of a price peak:
"General optimism"—when positive sentiment among crypto investors is fueled by favorable events, and governments endorse cryptocurrencies and announce the formation of Bitcoin reserve funds, which supports bullish sentiment.
Bitcoin is being actively acquired by large financial companies and investment funds. For example, publicly traded firms like Strategy and Metaplanet are building significant holdings of the cryptocurrency. Finally, the media is actively spreading positive news about Bitcoin's inevitable growth in the medium term, for example, to $200,000, $300,000, and even over $1 million.
The abundance of such reports and investors' reluctance to sell the leading cryptocurrency in hopes of future growth also point to a peak in Bitcoin's price and a possible reversal, the anonymous source added. According to the theory of market cycles, 151 weeks of growth are always followed by 51 weeks of decline. Therefore, by October 6, EXCAVO suggests, the crypto market could enter the initial phase of a deep correction.
Earlier, Raoul Pal, founder of the analytical company Global Macro Investor and co-founder of the media platform Real Vision, stated that Bitcoin's price is moving sideways and has stopped tracking the increase in the global money supply (M2) due to the US Treasury's financial interventions in the government debt market.