Analysts observe fascinating market sentiments unfolding.
This comes from analysing the Bitcoin Dominance chart and BTC price movement.
The crypto market expects a bullish reversal ahead.
As the price of BTC staggers to break past the $108,000 and then the $110,000 resistance levels, two reputed analysts observe fascinating market sentiments unfolding with Bitcoin Dominance and BTC price movement. The two then go into a detailed explanation with comparisons to previous bull cycles and share what to expect next for the price of BTC and the greater crypto market.
Analysts Observe Fascinating Market Sentiments
With a few critical deviances from the previous bull markets, such as BTC hitting a new ATH before the Bitcoin Halving event and altseason being delayed by two quarters, several analysts recognize that the 4-year bull cycle pattern may have gone obsolete. Are these changes going to result in a much bigger bull cycle change, or will the end result be the same as previous bull cycles? Two analysts explore the possibilities.
https://twitter.com/CryptoCon_/status/1939736572725018958
As we can see from the post above, one analyst goes on to share an interesting chart depicting the BTC price pattern in the ongoing bull cycle so far. To highlight, he marks that this is day 195 of sideways Bitcoin price action since December 18th of last year. The analyst then concludes that the trend has been simple, but gruesome: All of the great price action has been made in very short bursts, totaling just 36 days.
Bullish Reversal Ahead
He then goes on to expand on his thoughts, saying that the bull cycle has now spent a total of 2 years in sideways price action. Furthermore, he states that if one were to remove those expansion bursts, the price of Bitcoin (BTC) looks as the chart shows on the bottom: a sideways grind and new lows for the entire cycle. He finishes by saying that traders have survived the slowest overall cycle yet, but the cycle is not finished yet.
https://twitter.com/CryptoBoss1984/status/1939727463288115533
Meanwhile, another analyst highlights the Bitcoin Dominance chart. He begins by saying that it is always fascinating to watch market sentiment unfold. Time and again, we see the majority of market participants turn maximally bearish just before a bullish reversal, and maximally bullish right before a bearish one. This is because it’s all about emotions driving decisions.
In a bearish case, when the market’s been grinding down for a while, like altcoins getting battered for 4.5 years, people feel defeated. They’ve been conditioned by the downtrend, so they assume alts will never recover. Presently, for Bitcoin Dominance, after climbing for 4.5 years, altcoins are in the dumps, and the crowd has given up on them, purely because it hasn’t happened yet. He concludes by saying that the longer this goes on, the closer we are to a reversal.
