Markets
Social Media Sentiment Turns Red, Analyst Calls ‘Salty Phase’ of Bull Market
On Crypto Banter’s Ran’s Show, the analyst talked about waking up to a bleak situation Bitcoin chart and a sea of red in the market. He immediately felt the weight of what seemed like a bear market. Turning to Twitter to obtain more information, the analyst found a chaotic scenario. The conversations were heated, with users fighting and criticizing each other. This intensified the atmosphere of negativity and skepticism surrounding the direction of the market.
To counterbalance his pessimism, the analyst sought to talk to a more optimistic analyst, Sheldon. However, analyst Sheldon was bracing for a significant 30% altcoin capitulation, emphasizing a long-term trend break.
Market Cycles: Understanding Quiet Times
When describing the general condition of the market, he characterized it as being in the “salty phase” of the bull market. This phase, he explained, is marked by widespread conflict and discord among participants.
However, he disagreed with the notion that the current phase is simply a sideways period typical of previous cycles. Drawing comparisons to previous market cycles in 2017, 2021 and 2023, he explained that while there have been similar periods of price fluctuation that lasted around 16 weeks, the current situation looks different. He attributed this feeling not to typical sideways movement, but rather to specific market dynamics captured by a specific chart.
Although he recognized that market cycles have calmer phases, he disagreed with the idea that this phase was simply calm. He compared it to similar periods in previous years, but argued that the current situation seemed uniquely challenging.
Identifying the Culprit: The Problematic Chart
He pointed to a specific chart that was causing major problems in the market. This chart, which compares the performance of all altcoins with Bitcoin, is the key to understanding why the current phase seems more challenging than a mere sideways movement.
The analyst said that altcoins have consistently lost value relative to Bitcoin despite new high-value altcoins entering the market. This downward trend has been frustrating, akin to adding water to a leaky bucket – it does not stop losses.
Before, meme coins they were fun and a break from the norm, but now they also face challenges. People are feeling quite negative about the market in general, thinking that we may be in the worst part of a bear market.
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