Bears think bull run is over.” According to Khaneghah, "It’s becoming more challenging to predict’ cycle stages as crypto matures.” He highlights developments that did not appear in previous cycles, including a shift from a traditional altseason to a memecoin season, Ethereum (ETH) still not breaking its all-time highs, and Bitcoin (BTC) surpassing its ATH and moving beyond $100K+ (an outcome absent in earlier cycles) Two Scenarios For Crypto 1.
In his view, this significantly boosts the long-term buy pressure for Bitcoin, leading to potentially shallower pullbacks since "institutions will keep buying.” Related Reading: Economic Turmoil: Crypto Market Loses 25% Of Value As Recession Worries Mount Because of heightened institutional interest, Khaneghah expects BTC dominance to continue rising.
The Bull Run Is Not Over Khaneghah observes that BTC has only run 1.6x above the previous cycle highs before pulling back, calling it "not what a normal blow-off top/bubble looks like.” From a historical standpoint, BTC has frequently retraced by 40-50% from its ATH prior to surging higher.
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