Santiment, a leading crypto market intelligence platform, has announced that the bull market for Bitcoin has come to an end following a 16% drop in its market value. Bitcoin has seen a decline of 16% since reaching its all-time high of $73.6K on March 14th. This news has prompted an increase in mentions of a bear market, indicating that traders’ expectations are not being met.
The current week has seen a significant loss of long positions in Bitcoin, resulting in a retracement and the disappearance of hundreds of millions of dollars from these positions. Furthermore, trader sentiment is experiencing negative rates in funding for the first time since October 2023.
Despite these developments, there is still a chance for Bitcoin to bounce back. Santiment suggests that the rising fear, uncertainty, and doubt (FUD) and the fading fear of missing out (FOMO) could pave the way for a recovery, potentially before or after the highly-anticipated halving event.
While Bitcoin has experienced a sudden slump and dropped below the 60K mark, it has since recovered and is currently trading above 60K at $60,964. However, it is still down 3% from yesterday’s price. This recent price drop has raised speculation about the future of Bitcoin and its potential for rebound.