Part 2: Is the Bitcoin Bull Market Over?

Several risk are emerging but will this stop the bull market?

Author

Markus Thielen
December 31, 2024

👇1-10) Over the past two weeks, we have adopted a more cautious stance, raising the question: "Is the Bitcoin Bull Market Over?" Below, we outline key technical factors to consider.

👇2-10) In the early stages of Bitcoin bull markets, prices often close near their monthly highs, reflecting strong momentum. However, as the bull market matures or approaches its end, a different pattern emerges: prices tend to rally early in the month, only to sell off toward month-end as traders take profits.

Bitcoin during the 2017 and 2019 bull markets

👇3-10) The 2017 bull market, for instance, featured increasingly large monthly candles, with prices often closing near their highs by month-end, reflecting strong bullish momentum. However, as the bull market approached its peak, profit-taking began to emerge, resulting in monthly closing prices significantly lower than the intra-month highs. While prices still closed higher for the month, the strong profit-taking was evident, particularly in December 2017, where the closing price was far below the month's peak.

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