Spectra Markets President Brent Donnelly stated that he plans to set buy orders at $94,000 and $82,000 for Bitcoin to prepare for potential panic selling in the market. He noted that the trend of companies adopting digital assets as treasury assets is weakening, while the seasonal factors of Bitcoin's halving cycle are turning bearish, which could trigger a prolonged bear market.
Historical data shows that Bitcoin bull markets typically peak 16 to 18 months after a halving event, followed by approximately a year-long bear market. Given that the last halving occurred in April 2024, this suggests the current bull market may be nearing its end.
From a technical perspective, Bitcoin recently broke below the key support level of $111,982, confirming the formation of a double-top pattern, with this price level now acting as resistance. Additionally, the U.S. nonfarm payroll data will be released on Friday. If the data exceeds expectations, it could weaken market expectations for a Federal Reserve rate cut, thereby further suppressing Bitcoin's price movement.
