Bitcoin's bull cycle holds strong despite temporary shakeout, with key support at $72,000-$73,000

From Cointelegraph

March 16, 2025 6:09:39 AM:

Bitcoin’s bull cycle remains strong despite a 22% drop from its all-time high. Analysts suggest the current correction may just be a temporary shakeout before the next leg up. Technical indicators have turned bearish, but historical patterns indicate this is normal for bull cycles. The launch of US spot Bitcoin ETFs and institutional investments challenge conventional cycles.

Bitcoin closed above $84,000 on March 15 after a week, signaling optimism. However, its correlation with traditional markets means it may only find a bottom when equities stabilize. Key support remains at $72,000-$73,000, with global economic trends influencing Bitcoin’s next move. Trade wars and economic strain could impact sentiment.

Nexo analyst emphasizes the importance of Bitcoin’s halving event and four-year cycle for price action. Despite a decline in CAGR to 8%, institutional adoption and halving events still play a crucial role. The 2024 halving reduced block rewards to 3.125 BTC per block, with Bitcoin price up over 31% since then due to growing institutional interest.

Read more at Cointelegraph: Bitcoin experiencing “shakeout” not end of 4-year cycle: analysts