Crypto bulls are maintaining pressure to keep optimism high after digital asset prices tumbled. Most traders cited on-chain factors and historical data backing a possible rebound. However, sentiments are at their lowest levels in months following over-the-top liquidations for thousands of traders. At the time of writing, the crypto market cap crashed to $2.85 trillion, a further 2.4% decline today. Is The Cycle Top Ahead? The crypto market faces heightened sell pressure after Bitcoin and top altcoins slipped below the resistance. Amid rising offloads, some traders have doubled down the market, soaring to its projected cycle top. First, traders cited the relationship between Bitcoin and hash prices. This metric used to gauge miner profitability comes in handy due to the direction of miner reserves and exchange flow. Currently, the hash price isn’t at the bottom of the BTC price. CryptoQuant’s CEO Ki Young Ju noted that panic selling is not the right step urging users to follow a clear path. He added that BTC price fell 53% and surged to an all-time high in 2021. Last week Young Ju insisted that a 30% drop will not plunder the market to a bear cycle still citing historical data. “ I don’t think we’ll enter a bear market this year. We’re still in a bull cycle. The price would eventually go up, but the range seems broad. I personally think that the bull cycle could continue even with a -30% dip from ATH (e.g., 110K → 77K), as seen in past cycles.” Digital asset enthusiast Cryptogit explained that a bull run lasts for about 1,067 days, as seen in 2017 and 2021. Furthermore, previous Bitcoin prices hit a cycle top of about 525- 550 days post-halvings. This would mean the bull remains in play until Q4 2025. Previous institutional activity on the heels of a favorable administration is still in play for most whales. Crypto Dip Bites Harder The crypto dip which started as a sustained slip below the $3.2 trillion mark took a new turn. With billions wiped out of the market, assets face strong sell pressures from institutional and retail traders. In the last 24 hours, thousands of traders were liquidated with a slew of experts projecting a possible recovery. Bitcoin trades at $85,913, a sharp 11% decline in the past 24 hours, sending shock waves across altcoins. Ethereum plummeted 14% in the same period, falling under $2,400. XRP dipped 18% this week after whales offloaded over $400 million worth of assets.
