As Bitcoin's price falls to the level of 103,500 dollars, analysts predict that we are approaching the final phase of the bull market and that the price could drop to as low as 52,200 dollars. Technical indicators suggest that BTC is facing an approximately 50% correction risk if key support levels are broken.

With Bitcoin dropping to 103,500 dollars on Friday, more than 916 million dollars worth of leveraged long positions were liquidated. This has led to a noticeable weakening in market sentiment. BTC, which has been unable to stay above 110,000 dollars for two consecutive weeks, has shaken investor confidence.

Crypto analyst CryptoBird notes that the current bull run may be nearing its end based on historical cycles. According to the analyst, 'The Bitcoin bull cycle is 99.3% complete,' and the current pullback reflects a classic 'weak hands shakeout' process seen in the periods before past peaks. CryptoBird also marks October 24 as a potential cycle peak.

The Bitcoin Fear and Greed Index's drop to 22 indicates that an atmosphere of 'extreme fear' is prevailing among investors. Analysts believe that this emotional cleansing could create a suitable ground for a new wave of rise.

On the other hand, signals of weakness are increasing on the technical front. The price falling below the 200-day moving average indicates a structural break. Analyst Daan Crypto Trades mentions that BTC has tested the 0.786 Fibonacci retracement level at $104,000, stating that if this level is lost, $98,000 could come back into focus.

Another analyst, Captain Faibik, states that the rising wedge formation on the weekly chart has been completed and the target is $52,200. According to him, 'The Bitcoin bull run is over,' and there is a possibility of a correction of up to 50% in the medium term.

All these developments indicate that the market has entered a serious phase of fatigue. However, some technical indicators suggest that selling pressure is decreasing and a new bottom formation may be close. If Bitcoin can return to levels above $100,000 during this process, the foundations for a new recovery phase could be laid.