The current stage: Is the Bitcoin bull market over, or has it just begun?

The crypto market experienced turbulence recently, leaving some traders uncertain about Bitcoin's trajectory.

Bitcoin's price dipped to a weekly low of $59,573, significantly lower than last month's all-time high of $73,000, before rebounding to around $65,000. Sean Farrell, from Fundstrat Global Advisors, attributes this volatility to macroeconomic factors, including geopolitical tensions in the Middle East and concerns about inflation in the US.

The Federal Reserve's potential delay in rate cuts due to inflation concerns has led investors to seek refuge in the US dollar, causing panic selling across various assets, including Bitcoin. Additionally, the slowdown in inflows into spot Bitcoin ETFs has impacted Bitcoin's price negatively, as these ETFs were seen as a catalyst for price appreciation.

Despite recent setbacks, some experts remain bullish on Bitcoin's long-term prospects. Glassnode analyst Brett Singer points to Bitcoin's MVRV Z-Score, which suggests that the market is still on a growth trajectory akin to previous cycles. While recent events may have rattled the market, fundamentals indicate that the bull market may not have lost steam yet.

However, outsized losses in altcoins, such as Solana's Dogwifhat, have led to concerns within the crypto community. Some traders fear that the bull market may be coming to an end. Nevertheless, the overall sentiment among experts suggests that Bitcoin's journey may have its ups and downs but is still on track for potential growth.

In summary, while recent events have caused volatility in the crypto market, experts remain optimistic about Bitcoin's long-term prospects, citing underlying fundamentals and historical market behavior.