The market situation is currently concerning. The main question is whether this downturn is like previous ones or if it's the end of the bullish market. The current market situation is not only complex but also worrisome.
Stocks and gold are rising, while Bitcoin is dropping more sharply than Ethereum. I’ve seen similar patterns before. Bitcoin is facing negative sentiment, whereas Ethereum appears more stable.
Some investors are selling Bitcoin, while others are buying. For Ethereum, buyers outnumber sellers, but not enough to drive a significant price increase.
Earlier this year, Bitcoin fell 32%—from $109,000 to $74,000—and then rebounded to a new price level. Currently, Bitcoin is still down 16% from its highest price of $126,000.
There are various opinions and news about whether the bullish market has ended. From a technical perspective, if Bitcoin falls below $101,000 and stays there for more than a week, the bullish market has likely ended.
However, as long as Bitcoin is trading above $101,000, there's still a high probability that the bullish market will continue. My opinion is that the bullish market is still ongoing, and there's a high chance that Ethereum will reach $5,500–$6,000 by the end of the year.
But if Bitcoin falls below $100,000 and stays there for more than a week, it's likely that the bullish market has ended, and an altcoin season might not occur. Currently, there's no confirmation that the bullish market has ended, and the best approach is to monitor the market daily to see what happens.
Disclaimer: This analysis reflects personal observations and is provided for informational purposes only. It does not constitute financial advice. MQ LedgerWorks encourages readers to consult a licensed advisor before making investment decisions.
