Bitcoin’s Bull Run: Is It a Mirage or Just a Dramatic Pause?

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Ah, the enigmatic Bitcoin (BTC), that capricious creature of the digital realm, has recently taken a leisurely stroll down the lane of lethargy, leaving market participants scratching their heads in bemusement. Have we reached the zenith of this rollercoaster ride, or is it merely a pit stop on the way to the moon? Historical data, that ever-reliable oracle, offers tantalizing glimpses into the potential peaks of this cryptic market. The astute analysts at IntoTheBlock have shared their musings, attempting to unravel the riddle of whether we’ve hit the market’s apex, all while citing the sacred texts of historical and stablecoin data. 🧐

Is the market peak in?

When looking at historical halving data, peaks often land 12–18 months post-halving, pointing to mid–late 2025. While institutional flows & regulations may reshape this cycle, it is likely there is more time in the current cycle

— IntoTheBlock (@intotheblock) March 15, 2025

According to the wise sages at IntoTheBlock, a glance at the historical halving data reveals that peaks tend to frolic into existence 12 to 18 months after the halving, which tantalizingly points to mid-to-late 2025. They further opine that while the institutional flows and the ever-mysterious regulations may play the role of the unpredictable puppeteer in this cycle, it seems we are not yet at the end of our cryptographic journey. 🕵️‍♂️

Stablecoin data, that steadfast companion, echoes a similar tale. In a tweet that danced across the digital ether on March 14, IntoTheBlock suggested that the market peak might still be a distant mirage. Historically, the peaks of stablecoin supply have been known to align with the highs of the cycle, and we are not quite there yet.

In April 2022, the stablecoin supply reached a staggering $187 billion—just as the bear market decided to crash the party. Fast forward to now, and we find ourselves at a robust $219 billion, still climbing, suggesting that we are likely still in the midst of this cyclical saga. 📈

Stablecoins, those resilient little critters, continue to gain traction amidst the swirling uncertainties of the market, pushing their combined market cap to around $219 billion this week. This figure is a mere $10 billion shy of Ethereum’s market cap, a rather amusing indicator of the rising caution that has enveloped the market like a thick fog. ☁️

Bitcoin price action

As for Bitcoin, it finds itself ensnared in a web of persistent sell pressure, particularly from those recent buyers who seem to have lost their appetite. Since the dawn of January, this crypto asset has been experiencing a rather lackluster demand and a fading accumulation, as if it were a once-popular sitcom that has overstayed its welcome.

On March 11, Bitcoin plummeted to a low of $76,555, marking its lowest point since November 2024—a staggering 30% drop from its all-time high of $109,114, which was set on the illustrious day of January 20, 2025. This dramatic descent has led to unprecedented outflows from Bitcoin exchange-traded funds and a veritable avalanche of liquidations in the cryptocurrency futures markets. Options traders, those brave souls, were bracing for a dip to $70,000 in late February, as if preparing for a storm. ⛈️

Yet, like a phoenix rising from the ashes, Bitcoin rebounded from this four-month low, as other risky assets also found their footing amidst the recent global market turmoil. It soared to a high of $85,301 on Friday before encountering resistance, retreating like a soldier after a valiant but ultimately futile charge.

As of this moment, Bitcoin finds itself down 1.69% in the last 24 hours, resting at $82,864, and down 0.67% weekly. It faces current resistance at the daily SMA 200, which stands at $83,984, a formidable foe in this ongoing saga. 🥊

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2025-03-16 18:29