Following Bitcoin’s tumble below the $91,000 price mark, notable Bitcoin proponents have reminded troubled market participants of the possibility of a continued downward price correction in the near term. However, the long-term outlook remains bullish.

Prominent analyst Ki Young Ju took to X to disclose that a bear market is unlikely despite the ongoing bloodbath. Although Ju asserts that the target range is broad, he maintains that the market is still in a bull cycle.

Citing historic data, Ju stated that the bull cycle will remain in play, even with a 30% dip from Bitcoin’s recent all-time highs.

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.

— Ki Young Ju (@ki_young_ju) February 19, 2025

“It’s pretty normal to see a 30% correction during a bull cycle (Max pain 77K in this case). Bitcoin bull cycle is not over,” he shared via an alternative X account.

A V-shaped recovery is expected to follow in the coming week, confirming that the market is still in bullish territory.

If we see a V-shaped recovery after this dip (next week or so), then that confirms that we are still in a bull market. Bull markets are full of -20% -30% dips, followed by sharp V-shaped recoveries. pic.twitter.com/uKi8GydAha

— PlanB (@100trillionUSD) February 26, 2025

According to PlanB, the creator of Bitcoin Stock-to-flow, who shared this assertion, price dips are necessary to shake off short-term players. 

Factors influencing Bitcoin’s price dump

Bitcoin’s correlation with the traditional finance market appears to have increased over the years. Risk assets like cryptocurrencies have been affected by the strains of the equity market. With Nasdaq recording a 4% dip, and the S&P 500 down by 2.3% over the past five days, the global crypto market cap has taken a hit, dropping to $2.87 trillion, after sustaining a 2.18% decrease over the last day. 

Per reports from Bitfinex, demand for Bitcoin’s Spot ETFs has lowered over the past months, with outflows of $552.5 million. This further highlights the impact of institutional players on Bitcoin’s overall performance. 

Like institutional players, Santiment reports that “Bitcoin prices are correlated closely with the behavior of whales and sharks (specifically wallets with 10+ $BTC).” Key stakeholders have dumped 6,813 coins, the largest drop recorded since July, over the past week. 

On February 25th, Bitcoin slipped below the $91,000 price level. The apex cryptocurrency has dropped by 11% over the past week and 3% over the past 24 hours. Bitcoin trades at $81,836 at press time. On a daily time frame, RSI reads 26, signaling that Bitcoin is currently oversold.