Bitcoin Analyst Warns Bull Market May End by October

Crypto analyst Rekt Capital believes Bitcoin’s current bull market could be nearing its end, predicting that a price peak may come as early as October. “We have a very small sliver of time and price expansion left,” Rekt Capital said on Thursday, comparing the current cycle to the 2020 rally. According to his analysis, the cycle may top out roughly 550 days after the April 2024 Bitcoin halving. “That’s already two to three months potentially that we have left in this bull market,” he added. Debate Over Halving Cycle Relevance While Rekt Capital emphasizes the importance of sticking to time-tested halving models, others are more skeptical. He criticized the growing trend of abandoning the halving narrative in favor of newer metrics like Bitcoin’s correlation with global M2 money supply. “Many people are happy to throw away time-tested principles… whereas it’s really important to rely on these sorts of metrics,” he said. He also called the shift an emotional move that clouds sound judgment. Alternative Views Highlight Institutional Impact Some analysts argue that traditional halving cycles are less relevant today due to rising institutional interest. Standard Chartered’s Geoff Kendrick said on Thursday that, “Thanks to increased investor flows, we believe BTC has moved beyond the previous dynamic whereby prices fell 18 months after a ‘halving’ cycle.” In May, Standard Chartered forecast Bitcoin reaching $200,000 by year-end, while Bernstein made a similar prediction. BitMEX co-founder Arthur Hayes remains even more bullish, expecting Bitcoin to hit $250,000. As of now, Bitcoin is trading at $109,155, just 2.5% below its all-time high of $111,970. Crypto analyst Crypto Auris also commented recently that, “As global money supply expands, Bitcoin’s next target sits around ~$170K, following the flow.” Analyst Emphasizes Caution Over Hype Despite the bullish sentiment from others, Rekt Capital cautions against ignoring the halving-based cycle. “It’s an emotional thing as well, and you don’t want emotional things clouding your judgement,” he reiterated.

Source: CryptoIntelligence