#加密市场回调 On Monday, the cryptocurrency market experienced a severe dumping, triggering the largest scale of leveraged long positions liquidation this year, with over 370,000 traders being Close Position, totaling an amount of up to 1.8 billion USD, and the market's total market capitalization evaporating by more than 150 billion USD. Most analysts believe that this does not signify the end of the bull run, but referencing the historical market corrections in September, more fluctuations may occur in the future, although major crypto assets have temporarily found support after the big dump, and market sentiment has slightly stabilized.

Technical pullback or bull run termination?

Regarding the future direction of the market, analysts' views have diverged, but most tend to characterize it as a technical adjustment rather than the end of a bull run.
Nassar Achkar, the Chief Strategy Officer of W Exchange, stated that this washout "may be a short-term adjustment rather than a shift to a long-term structural bull run, as the future easing policy path still favors risk assets like Bitcoin."
IG market analyst Tony Sycamore expressed a similar view in an interview with Cointelegraph. He believes that Bitcoin's recent decoupling from tech stocks or gold is "largely due to technical factors," and the market needs time to correct the significant gains of the past 12 months and digest the overbought readings. He added, "Technically speaking, a pullback to the support zone of 105,000 to 100,000 is reasonable, which includes the 200-day moving average at 103,700. This would shake out some weak-handed speculators, and I think it provides a nice buying opportunity for the upward trend at the end of the year."
Despite the big dump this week, Bitcoin is currently only down 9.5% from its historical peak, which is still relatively shallow compared to the deep corrections seen in previous bull run years. Historically, September tends to be a weak month for the crypto market. Over the past 13 years, Bitcoin has seen declines in 8 of those Septembers. However, despite this recent fall, Bitcoin is still up about 4% so far this month. Traders are now hoping for history to repeat itself. In stark contrast to the "September curse," October is commonly referred to as "Uptober" in the crypto community, and it is usually a month of strong market performance.