- Bitcoin closes several weekly red candles.
- Observers raise concerns that the pattern signals a bear market.
- There is no consensus on the current market trajectory.
The crypto bull run officially roared back to life in March, as Bitcoin hit a new $74,000 all-time high price, fueled by the ETF approvals and subsequent institutional inflows. While that moment was met with euphoria, the period since then has seen the leading cryptocurrency caught in a downtrend of consecutive red weekly closes stoking concerns that the bull run has ended prematurely.
Crypto Bull Run Done For?
In a blow to perma bulls, Bitcoin has closed four consecutive red weekly candles, fostering debate around the bull market ending before it started. Coder “MisterCh0c” raised this issue in a recent tweet, stating this has never happened before in Bitcoin’s history during a bull market cycle.
The fifth consecutive weekly red candle that MisterCh0c mentioned is still in play, with six more days remaining until the weekly close. This gives a wide margin of potential for a reversal in the downtrend pattern.
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Adding fuel to the bear case fire, trader “moon” stated that Ethereum gas fees have dipped to single-digit levels. This should not occur during a raging bull market characterized by abundant network activity and spiking demand for ETH block space.
However, gas fees are highly changeable, making this metric unreliable for bear or bull markets. In any case, Etherscan showed gas fees back in the double digits at the time of writing.
While MisterCh0c and moon hold little hope of a price revival, others maintain that the bull market has barely started.
Bull Market Still On?
Despite the bearish sentiment from some quarters, others argue that Bitcoin is moving as expected. Analyst Rekt Capital stated that the current price action is very much in line with past halving cycles. If the current cycle mirrors past cycles, Rekt Capital predicts the bull market top will come around mid-September to mid-October 2025.
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Adding to the bullish technical perspective, analyst Mister Crypto identified a bull flag pattern on the BTC chart. This pattern is characterized by a strong upward trend followed by a brief consolidation period before an upward breakout. Mister Crypto’s measured bull flag target is a lofty $117,000.
However, technical analysis is not an exact science. The bull flag pattern will become invalidated if Bitcoin breaks down below the roughly $59,000 level in the coming days and weeks.
On the Flipside
- Past performance should not be taken as an indicator of future prices.
- Prior bull runs did not feature ETF investors or spiraling US debt levels, which added further variables to the mix.
Why This Matters
There is no clear indicator of the current market trajectory, with both bear and bull cases riding on the interpretation of past events. For now, Bitcoin investors can only sit and wait.
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Crypto Ban Coming: Russia Clamps Down on Digital Assets
