Down 9% in 3 Months, Is Bitcoin's Bull Run Over?

Core Insights - Bitcoin's price has declined approximately 9% over the 30 days ending October 17, with a notable flash crash on October 10 that briefly brought the price near $105,000 [1][2] - The recent pullback is attributed to macroeconomic concerns, particularly new tariffs on China, rather than any fundamental issues with Bitcoin itself [2][6] - The long-term investment thesis for Bitcoin remains intact, as there have been no significant changes to its protocol or supply limitations [5][7] Market Sentiment - The recent downturn reflects investor nerves and the fragility of current crypto market sentiment rather than a failure of Bitcoin's underlying technology [4][6] - The decline was exacerbated by traders using excessive leverage in illiquid altcoins, not by a loss of confidence in Bitcoin [6][7] - Exchange-traded funds (ETFs) holding Bitcoin did not experience significant outflows during the flash crash, indicating stable structural demand [8][9] Long-term Outlook - The burden of proof lies with those claiming that the recent pullback signifies the end of Bitcoin's bull run, as current evidence does not support this assertion [7] - A 9% retreat from all-time highs amid market turbulence is not sufficient evidence to conclude a prolonged decline cycle [7][9] - Continued stability from large buyers and asset managers could mitigate the risk of a typical dip evolving into a longer-term downturn [9]