Santiment Says Bitcoin Bull Market Over with Recent Price Drop

The reports say that the bull market of Bitcoin (the biggest crypto asset) has primarily ended. Santiment, a crypto market intelligence platform, has recently disclosed that the top crypto saw this termination of the bull market following its market value dipping by 16%. The analytics platform added that Bitcoin has seen a sixteen percent decline since its all-time high value of up to $73.6K. On the 14^th of March this year, BTC reached the above-mentioned figure.

According to the #crypto crowd, the #bullmarket has essentially come to an end after #Bitcoin's -16% market value drop since the #AllTimeHigh of $73.6K hit back on March 14th. At the same time, #bearmarket mentions are increasing. Historically, prices move the opposite… pic.twitter.com/1fnGePwMV0

— Santiment (@santimentfeed) April 17, 2024

Bitcoin ($BTC) Bull Market Concludes, Says Santiment

During the current week, the top crypto went through the loss of a huge number of longs. As a result of this, a retracement took place as several hundred million dollars vanished from the positions. Additionally, the sentiment of the traders is also experiencing the return of negative rates in funding. This is emerging for the earliest time since the 2023’s October.

In this respect, the overall scenario of funding is again presenting a bearish sentiment after March’s ATHs. Particularly, this sentiment has ramped up during the recent weeks. In addition to this, a continuous increase is taking place in the bear-market mentions at present, as per Santiment. This denotes that the expectations of the traders are now getting the opposite results.

The BTC traders have been high on hopes concerning the bull run of the prominent crypto token. However, the sudden slump suggests that the period of bullish trend has reportedly concluded. The statistics brought to the front that *BTC* plunged by more than $1000 just within five minutes. This paves the way for more speculations concerning Bitcoin. However, it recovered later and currently it is trading above 60k at $60,964. Despite some recovery, it is still down 3% from yesterday’s price.

The Token Still Has Chances to Bounce Back

In addition to this, the coin has dropped below the 60K mark for the first time in a couple of months. According to Santiment, the rising FUD and a rapid fading of FOMO jointly promise that BTC may go through a recovery. Nonetheless, it can be seen either just before the highly-anticipated halving event or just after it.