The Bitcoin price is currently down more than -22% from its all-time

The Bitcoin price is currently down more than -22% from its all-time, displaying a series of lower highs on the daily timeframe.

The Bitcoin price has slid more than 21% from its all-time high, trading below key Fib levels on lower highs. While the weekly and monthly time scales remain bullish, the calls for the beginning of the Bitcoin bear market are growing louder on X.

Two prominent analysts have weighed in on what they believe could be the deciding factor for an extended rally—or a deeper downturn.

Bitcoin Bull Run In Jeopardy

Crypto analyst Charting Guy, posting under the handle @ChartingGuy, shared a chart that places strong emphasis on the $95,000 price point for Bitcoin, adding: “yes i will flip back to fully bullish (chartingguy.com/2024/03/10/the-golden-pocket/) on BTC & fully Bearish on S&P500 & NDX & SPX & clearly Nasdaq & IOTA & xrp & any other chart you can throw at me & fully Benajmin on crypto….. for that to happen BTC needs to reclaim and hold $95k, which he has stated many times.”

According to his analysis, the 0.618 Fibonacci retracement—often called the “golden pocket”—looms large as a definitive test of bullish strength. Failing to break above and flip this zone into support, Charting Guy cautions, could lead to an extended bearish phase.

He further explained that Bitcoin (BTC) and equities, such as the S&P 500 (SPY), must navigate their respective golden pockets before any real, sustained rally can begin: “if crypto and stocks can’t reclaim the golden pocket and flip it to support, and end up rejecting there instead, then i am bearish on BTC & stocks for a while.”

Nevertheless, Charting Guy sees potential for a bull run in April through June: “April – June shall be bullish af imo….

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But that extension into June is only if May is strong and not a sell in May and go away type of month. What will determine that? How BTC & SPY both react at their respective golden pockets when they get there on this April relief rally.”

If these technical barriers prove insurmountable, Charting Guy says he will exit his positions: “if this purely is just a relief rally and the charts look toppy again when we’re back at these levels late April/early May, then i will be OUT of this market.”

Another crypto analyst, @wauwda, has taken a more cautious stance, noting several bearish signals for both Bitcoin and the S&P 500: “Every indicator is getting bearish on the HTF for BTC & SPX: Bearish Stochastic RSI cross, Bearish MACD cross, Bearish divergence RSI, MSTR lower high, Altcoins higher high … Ultimate Bull Trap.”

While Wauwda anticipates a relief rally—citing the potential for a bounce due to extreme bearish sentiment—he points out parallels with 2021. He lists a series of events he deems indicative of market-wide euphoria:

“’We didn’t have euphoria yet’ … Are you sure? Founder Tron buys banana for $6.2M and eats it, Coinbase gives free bitcoin to every person at the warriors game, Department of Government Efficiency (DOGE), Teens are getting crypto courses on school, People are flexing on yachts, Doge is worth more than General Motors, Bank of New York Melon, Peter Schiff created his own Strategic Bitcoin Reserve. This is just a tiny part of what I wrote down.”

Despite acknowledging that this cycle’s euphoria might look different from previous ones, Wauwda notes that similar warning signs appeared ahead of the 2021 market top. He also points to ETH/BTC and Bitcoin Dominance (BTCD) as factors to watch, though both have shown volatile, oscillating patterns rather than a clear trend: “The thing I’m struggling with though right now is ETHBTC and BTCD since they both have been up and down only, but maybe that will change with the next leg up.”