Crypto analysts are now predicting potential market corrections as Bitcoin's rally could be ending. Despite Bitcoin's steady performance, altcoins are retreating, with high-cap altcoins falling between 1-3%.
Glassnode analyst "Checkmate" commented on the potential market pullback, stating that a few months' rest would allow investor cost bases to re-acclimate above the True Market Mean Price. He noted that the market hasn't given back more than 20% this year, suggesting persistent and strong spot demand.
While previous bull cycles have seen drawdowns exceeding 60%, this has yet to occur in the current bull cycle. Analyst JRNY Crypto reminded followers of a big crash/correction before the last bull market, highlighting the possibility of at least one more market correction before the real bull market starts.
Trader Justin Bennett concluded that the last two bear markets ended with a second capitulation, and he warns against ruling out a $25k liquidity sweep. Despite these predictions, momentum and sentiment overall remain positive, and the trend for Bitcoin is upward.
It remains to be seen if these predictions will come true, but with geopolitical tension and economic uncertainty in the mix, the bulls may not be ready to charge just yet.