- Crypto market sentiment has never been so low.
- The price of gold continues to hit incredibly high ATH records.
- Analysts await gold liquidity to flow into Bitcoin and altcoins soon.
The crypto market has been going through a rough patch for most of the ongoing bull cycle, especially for altcoins in particular. This has led to analysts and traders growing frustrated and expecting either a sudden price pump and new ATHs or a major price drop and the start of a bear market. At the moment, the crypto market sentiment has never been so low, and the market reset has led analysts to expect gold liquidity to flow into Bitcoin soon.
Crypto Market Sentiment Has Never Been So Low
Since last week, the crypto community has been in a highly demotivated state. Specifically, since the $20 billion liquidation late last week, the crypto market has gone through a sort of reset state. The liquidation wiped out nearly all long and leverage trades, especially for altcoins, taking out even $3 billion in short positions. With the market having reset, the crypto community was hoping to see promising crypto assets rally to a new high.
Instead, what seems to have hit the market is a huge bearish sentiment. Some reputed analysts are even calling for the bear market to have begun. If this is true, it would mean that ETH set only 1 new ATH this bull cycle and that altseason was skipped over completely. This could be a major sign supporting the fact that the 4-year bull cycle has come to an end and that the crypto market may be shifting into a new, perhaps yearly, pump and dump pattern.
Most analysts are now trying to figure out how best to navigate the final quarter of the year. Presently, most analysts are divided between bullish and bearish expectations. While one analyst expects new BTC ATH in the $140,000 price range, another has gone completely bearish and expects BTC to sink to the $60,000 price range. As for altcoins and altseason, their fate has yet to be decided.
Analysts Await Gold Liquidity To Flow Into Bitcoin
According to the analyst in the post above, something much bigger may be at play. In his eyes, the headlines over the last year have been geared to wash out as many crypto holders as possible. At the moment, sentiments have never been this bad, despite the two bullish crypto signals that preceded the last bull market top – business cycle shifting out of QT and gold soaring to extreme new ATH prices.
The analyst also states that more rate cuts are expected, marking another bullish sign for crypto. He concludes by saying that with so many signs for red signals, it does not mean it is the end for crypto. Instead, it is an opportunity to get better positioned, because from the macro point of view, the price of BTC and promising altcoins are expected to hit much higher ATH prices in the years ahead.
