- 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.
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 place is an echo chamber so its easy to be convinced sentiment is one way or the other, in reality the outside world has given a fraction of the attention they gave Crypto in 2021.”
The analyst further added that the crypto community is currently less bothered about the crypto market compared to 2021. The current market participation is significantly lower than in 2021, with only about 10% of the previous number of participants and 50% of earlier 2024 levels.
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However, the Crypto Fear and Greed Index suggests a bullish outlook among market participants. The “Greed” score of 72 indicates elevated optimism, a 23-point increase from the “Neutral” score of 49 recorded on October 12.
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