- Market sentiment takes a huge hit as BTC price drops.
- The sentiment now has hit ‘extreme fear’ scores.
- Despite this, some are still holding out hope for a bullish altseason.
The price of the pioneer crypto asset, Bitcoin (BTC), fell below $95,000 today and continues to trade around that price range. Market sentiment takes a huge hit as BTC price drops continuously, marking a heavy confirmation that the bear market has indeed begun. With bearish sentiments taking over, most altcoin traders are also throwing in the towel, only a few remain hopeful for altseason.
Market Sentiment Takes a Huge Hit as BTC Price Drops
One popular trader and analyst notices how, for the first time in weeks, the price of BTC did not pump over the weekend, but actually moved lower. Instead of setting up the usual bullish narrative heading into Monday, this created a bearish one. Based on the last 300 days of price action, there’s roughly a 36% chance that Monday opens with a pivot low rather than a pivot high.
The analyst then goes on to note that interestingly, those pivot lows tend to form specifically when we enter Monday with a bearish narrative, not a bullish one. Because of that dynamic, the analyst reveals that he has positioned himself on the long side, favoring the 36% scenario over the 64% one implied by broader market structure. He explains his move using the chart provided in the post above.
Meanwhile, another popular figure in the crypto space highlights how Bitcoin had a death cross today. He then notes that prior death crosses marked local lows in the market. Of course, when the cycle is over, the death cross rally fails. The time for Bitcoin to bounce if the cycle is not over would be starting within the next week.
If no bounce occurs within 1 week, probably another dump before a larger rally back to the 200D SMA which would then mark a macro lower high. He ends his post by sharing a pearl of wisdom and advices traders to trade the market you have, not the market you want.
Hope for Altseason Wavers
As we can see from the post above, contrary to the rising bearish sentiment, one post states that ETH and many altcoins are in the process of bottoming, which proves just how uneducated, ill-informed, and fickle most investors are. From a sentiment, technical, and cyclical perspective, the asset is closer to a bottom than a top.
