Bitcoin has been on a downward trajectory since hitting its all-time high in March and continues to face a prolonged period of declines.
Despite widespread anticipation of a significant rally following the halving event, these expectations have been repeatedly deferred.
According to Markus Thielen, founder of 10X Research, Bitcoin may be entrenched in a bear market. In his latest analysis, Thielen, known for his accurate forecasts, has shifted his view from optimistic to more reserved based on recent technical analysis, on-chain data, and market sentiment.
Thielen noted, “Since March 2024, our perspective on Bitcoin has become more cautious. Current technical indicators and market fundamentals suggest that Bitcoin might be experiencing a bear market.”
While Thielen maintains a positive outlook for Bitcoin’s medium- and long-term potential, he advises caution in the short term. He observed that the market has seen several V-shaped recoveries following declines in early May, July, and August, but each downturn has been more severe with weaker subsequent recoveries.
He added, “The market structure and fundamentals are deteriorating, and September could be a pivotal month for Bitcoin.”
Japanese investment firm Metaplanet has made another bold move in the crypto space, acquiring 1,088 more Bitcoins in its latest purchase, and pushing its total holdings to 8,888 BTC—valued at over $930 million at current prices.
As more corporations rush to add Bitcoin to their balance sheets in hopes of replicating the success of early adopters, concerns are growing that many of these firms may not have the resilience to endure a sustained crypto downturn.
Popular crypto analyst Il Capo of Crypto has issued a cautionary outlook for the digital asset market, warning of deeper corrections ahead as macroeconomic pressures return to the spotlight.
As Bitcoin briefly slipped to $103,000 last week, Strategy—the largest corporate BTC holder—seized the opportunity to grow its reserve.