Bitcoin (BTC) is currently facing uncertainty in the market, with debates arising on whether it will continue on a bullish trajectory or enter a bearish cycle. The altcoin has dropped 9.94% within the past 24 hours, trading at $83,137.49. Analyst PlanB predicts that BTC will reach an average price of $500,000 during the 2024-2028 halving cycle, with a potential range of $250,000 to $1 million. The recent decline in BTC's price is attributed to the $1.4 billion Bybit Ethereum hack. Bitcoin's market is at a crossroads, with the possibility of either continuing the bull run or entering a distribution phase leading to a bearish cycle. Technical indicators such as the RSI and Fibonacci extension analysis are being closely monitored. BTC needs to reclaim the $93,000 level to initiate a renewed bullish trend, while failure to hold current levels may result in a drop to $74,000, which historically acts as a strong support floor. The On-Balance Volume (OBV) indicates a significant decrease in inflow for BTC, suggesting caution from investors.



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