Key points:Bitcoin all-time highs matter little to those seeing a BTC price correction as long overdue.Both the latest surge and the bull market itself are on borrowed time, traders say.Comparisons to previous price cycles remain in use despite the booming institutional investment scene.Bitcoin (BTC) traders are calling for a pullback after all-time highs and seven green weekly candles.BTC price momentum continues to be met with skepticism as commentators assume that lower levels will come next.BTC price roadmap prepares for Q4 cycle peakBitcoin hit its highest-ever levels this week, data from Cointelegraph Markets Pro and TradingView confirmed but despite being up by a third in Q2 already, BTC/USD remains unconvincing for many.Long-term analysis suggests that not only is price action due to return lower to consolidate gains, but that the entire bull market is near completion.Among the latest prognoses calling for a sanity check is that of trading resource Stockmoney Lizards.In one of its latest posts on X, it brought back a bull market roadmap from late 2023.In December 2023 we posted this BTC roadmap (lower picture).
I overlayed the actual chart with the same TF.
Price is a bit lower, however, timelines are fairly accurate, it said.The chart itself shows Bitcoins next cycle peak coming in Q4 this year, with the subsequent bear market taking BTC/USD back to 2021 highs of $69,000.Others referenced historical BTC price action to argue for a more imminent correction.Trader Crypto Chase noted that the price is now considerably higher than some typical bull market exponential moving averages (EMAs).Every time price deviates FAR outside the EMAs (circled areas), we always see a pullback, he told X followers.Even if that pullback if brief before more upside, it's a pullback.BTC/USD 1-week chart with 21, 50 EMA.
Source: Cointelegraph/TradingViewThe post acknowledged the presence of increased institutional buying power this cycle, something which could skew price performance in bulls favor.Bitcoin looks exhaustedAs Cointelegraph reported, various market participants have been expecting a significant comedown this month.Related: $107K fakeout or new all-time highs? 5 things to know in Bitcoin this weekSupport targets include everywhere from $105,000 to $90,000, with proponents seeing little fuel left in the bull market tank.This doesnt mean downside is coming immediately, it just means the bull run is likely coming to an end and Id rather not take the risk and hold spot here.
See 2021 vs now, fellow trader Roman wrote in an X update on the topic.Roman described Bitcoin as looking exhausted based on relative strength index (RSI) bearish divergences.BTC/USD 1-week chart with RSI data.
Source: Roman/XThis article does not contain investment advice or recommendations.
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