PANews reported on September 5th that Spectra Markets President Brent Donnelly plans to place buy orders at $94,000 and $82,000 for Bitcoin to prepare for a potential market panic. He noted that the enthusiasm for digital assets as a corporate treasury asset is waning, and the seasonal factors of Bitcoin's halving cycle are turning bearish, which could lead to Bitcoin entering a long-term bear market.
Historical data shows that Bitcoin's bull market typically peaks 16 to 18 months after a halving event, followed by a one-year bear market. Given that the last halving occurred in April 2024, this pattern suggests that the current bull market may be nearing its end.
From a technical perspective, Bitcoin recently broke below the key support level of $111,982, confirming a breakout from a double top pattern. This level has now become resistance. Meanwhile, the US non-farm payroll data will be released on Friday. If the data is stronger than expected, it could weaken expectations of a Fed rate cut, further suppressing Bitcoin prices.
