Analyst Estimates 55% Probability Bitcoin Bull Run Not Over Yet

Bitcoin (BTC) has declined by over 13% from its all-time high of $126,199 on October 6. CryptoQuant contributor PelinayPA estimates a 55% chance that the BTC market cycle peak is not yet reached.

Key Insights

PelinayPA's analysis indicates increased 0-1 day BTC inflows to exchanges, suggesting profit-taking by short-term traders and liquidity repositioning in anticipation of price volatility.
Long-term holders, with BTC held for more than six months, show inactivity, indicating confidence and minimizing chances of a major sell-off.
The current market is in a consolidation phase within an ongoing uptrend, with potential for BTC to revisit the $102K level as short-term trading persists.
The lack of selling among long-term holders supports the probability that the bull market top is not yet formed.

Market Outlook

Despite probable further temporary declines, the broader bullish structure remains intact.
Bitcoin may consolidate around current levels, according to analyst Elliot Waves Academy.
A sharp surge in price could occur, surprising bears during the 'disbelief phase.'

Currently, BTC trades at $108,472, down 2% in the last 24 hours.