It is important to clarify that, although in the short term the sentiment may be bearish, in the medium and long term most estimates indicate that bitcoin will continue to rise.
Bitcoin: the market is already talking about a “loss of hope” phase
The price of bitcoin (BTC) has been trading between US$25,000 and US$26,000 for almost a month. In this regard, there are already analysts who point out that we are entering a phase of “loss of hope” for this cryptocurrency.
“This is the ‘losing hope’ phase and we have about 6 months before all the scams and nonsense come back. Of “I actually enjoy this part of the cycle because it eliminates a lot of the noise in the market,” one analyst commented on Reddit.
Another responded: “The phase of loss of hope is always followed by the phase of irrational exuberance. (…) I think the exuberance phase can only happen a limited number of times before people realize that there is a reason why people continue to have FOMO over and over again and that we don’t have a bearish cycle.” .
The Fear and Greed Index also shows that the market is generally negative on BTC at the moment. According to the analysis of the LookIntoBitcoin platform, the prevailing feeling among investors is fear.
Finally at this moment In BTC futures trading the dominant positions are the ‘shorts’. This means that there is greater trading volume betting that the digital currency will drop in price in the coming hours or days.
Source: Ambito
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