The recent Bitcoin retracement may transcend a temporary market correction, as a top market analyst suggests early signs of a bull cycle top. The rally to $113,510 on Thursday may just be another relief rally, as Bitcoin has relinquished all its gains today. The pioneering cryptocurrency has corrected 3.2% since the start of Friday, sparking a broader market retracement. Meanwhile, the dump seemed to stun bulls, as over $202 million was liquidated in the past four hours, with $351 million of that coming from long positions. The tally took the 24-hour figure to $411 million, with Ethereum leading the way. Specifically, he noted that Bitcoin saw the same divergence before the 2021 bull market top. For context, BTC reached a top of $64,898 in April 2021, then retraced massively to around $28,000. Again, it formed another higher high, reaching its 2021 peak of $69,000 in November of that year. Bitcoin Bearish Divergence/Ali Martinez While this happened, the RSI was making lower lows. After the November peak, BTC crashed, reaching a bottom of $15,500 in November 2022. Bitcoin has recently experienced a similar development, with its January peak of $109,354 and August ATH of $124,457, marking higher high formations. If history repeats, Martinez suggests this could be a sign of an early bull market top. Mere Coincidence? Interestingly, Bitcoin has a history of responding positively to bearish speculation. An instance occurred when veteran trader Peter Barndt highlighted a possible recurring double top pattern formation in June, which he noted would likely lead to a 75% crash. Notably, he also emphasized that it shares similarities with that seen in the 2021 bull cycle, with Bitcoin peaking in its development. The outlook created panic, but Bitcoin responded with a strong performance, rebounding from the June lows to its recent ATH conquest. Moreover, analyst Merlijn The Trader believes the recent downtrend is a mere retest. He insisted that Bitcoin was retesting January’s resistance to solidify the area as support before its next leg up. Bitcoin Retest/Merlijn the Trader According to the market watcher, history suggests that the next move is vertical. Meanwhile, he predicted that the next target is a rally to a new all-time high beyond $130,000, marking an over 18% increase from Bitcoin’s current price of $109,865.