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Analysts: Bitcoin bull run may be coming to an end.
On September 22, Cointelegraph reported that last week the Fed's interest rate cut was seen as an important bullish factor for Bitcoin, but the market did not move upwards as a result, suggesting that the Bitcoin bull run cycle may be nearing its end. Alphractal founder Joao Wedson posted on X on Monday, saying: "Bitcoin has shown signs of cycle exhaustion, but very few people have noticed." Multiple on-chain signals indicate that Bitcoin's rebound may have lost momentum. Bitcoin has shown declining profitability using the Output Profitability Ratio (SOPR, an indicator measuring the overall profitability of all spent Bitcoin transactions on the blockchain), increasing the likelihood of a deeper pullback. The Sharpe ratio is below 2024 levels, meaning that the risk-reward and profit potential are decreasing. Wedson added: "This will not attract a large number of institutional investors as most people think. Even if Bitcoin reaches new highs, profitability will remain low, and the real focus will shift to alts."