An analyst says that the prevailing crypto sentiment is not bullish.
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Analyst Matthew Hyland states that the prevailing crypto market sentiment is not convincingly bullish. Hyland calls the market an “echo chamber” where the mood swings wildly. The analyst states that the crypto community is currently less bothered about the market compared to 2021. The current market sentiment, with Bitcoin trailing towards its all-time high of $73k, industry experts and analysts speculate a bullish trend emerging. However, analyst Matthew Hyland cautions that the prevailing sentiment is not convincingly bullish yet. He addressed the crypto market as an “echo chamber” where the mood swings wildly. 1) I don’t think the sentiment is that bullish currently 2) The current participants is about 1/10th of what it was in 2021 and probably 1/2 of what it was earlier in the year 3) No one cares about #Crypto currently and many people who bought in 2021 think its dead still — Matthew Hyland (@MatthewHyland_) October 18, 2024 According to the latest CoinMarketCap data at press time, the top 10 cryptocurrencies are experiencing a positive sentiment despite some fluctuations. For example, Bitcoin is trading at $68,391, with a notable 9.6% increase over the last seven days. Similarly, Ethereum and Solana, trading at $2,646 and $154.85, respectively, have also seen significant weekly surges. The inclining market movement sparks speculations of a broader bullish emergence in the crypto space. Analyst Michael van de Poppe provided a technical analysis of Bitcoin on the X platform, showing the crypto’s bullish ascendance. Another analyst, who goes by Checkmate, also provided a more optimistic outlook on Bitcoin, asserting that Bitcoin’s current chart is uniquely bullish and outshines all other price charts. Despite these calculations, analyst Hyland stated that the market isn’t that optimistic at the present moment. He boldly stated, “I don’t think the sentiment is that bullish currently,” and said, “This…
Filed under: News - @ October 19, 2024 4:21 pm