Henrik Zeberg, an economist at the University of Oslo, believes that current market conditions will lead to a significant Bitcoin (BTC), breakout.
Zeberg informs his 173,900 social media followers that the market has reached a low point that may be indicating that the bottom is near for Bitcoin and digital assets.
BTC reached its all-time peak on the 20th of January. It has since been on a downward trend. It seems that the Elliott Wave (EW) is in a clear location. The mood is in the gutter. Massive destruction among alts. “But that could be the exact sentiment needed to drive the market higher.
Zeberg believes that the crypto-cycle is still not at its peak, even though Bitcoin has recently dropped.
BTC has dropped 1.5% in the last week. They act like there is a crash in full swing! You need to get a handle on yourself…
“Top is not for BTC or altcoins”
Santiment, a prominent analytics company, says that the market sentiment towards Bitcoin remains relatively positive based on mentions in social media.
Santiment claims that more traders have returned to Bitcoin since altcoins crashed, and is confident about BTC’s future because of potential crypto policies from the US president Donald Trump’s government.
Retail sentiment towards crypto’s top asset is strong, despite Bitcoin falling -11% since its all-time January 20th high. It has become a more popular’safe-haven’ as altcoins are retracing heavily. It is still believed that Trump’s crypto-friendly policies will create a bullish trend for BTC.
We would love to see some crowd optimism fade away, because historically, prices move the opposite way of what they expect. Although there’s no guarantee, it could take another retracement for traders to start overreacting again and selling in panic.
Of course, there are so many factors that point to a bullish crypto future in the long term (including key stakeholder acquisition during this volatile period) that crowd emotions play only a small role when it comes to crypto’s moves.”
Bitcoin has fallen by 2% to $96,622 as of the time this article was written.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Sources of Images include Pixabay Creative Commons & Midjourney
The post “Sentiment is in the Gutter”: Economist Henrik Zeberg says Conditions are Ripe for Bitcoin to Potentially Go Higher will be updated as new developments unfold.
