Like in traditional markets, as the cryptocurrency market fluctuates, feelings among its investors vary as well, adhering to the patterns that refer to each particular phase and giving an idea of what the future holds for assets such as Bitcoin (BTC), including a possible bullish rally.
As it happens, Bitcoin is currently in the ‘disbelief’ phase, which precedes the ‘hope’ phase in terms of the psychology of a market cycle, indicating positive market sentiment, according to the observations shared by the cryptocurrency analyst known as CryptoYoddha in a tweet published on July 24.
Wall Street cheat sheet
Indeed, taking into account the so-called ‘Wall Street cheat sheet,’ which breaks down the psychology of a market cycle and outlines different emotions that traders experience during each period, Bitcoin is moving towards the ‘hope’ stage after going through pessimistic phases like ‘panic,’ ‘capitulation,’ and ‘depression.’
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According to the analyst’s chart, the decentralized finance (DeFi) asset is now in the ‘disbelief’ or ‘a sucker’s rally’ stage, and the next step – ‘hope’ surrounding the price recovery – could send it up, even towards $50,000 and beyond by the end of 2023, as it moves to the stages of ‘optimism,’ ‘belief,’ ‘thrill,’ and finally ‘euphoria,’ respectively.
Repeating patterns
At the same time, another pseudonymous crypto analyst, Trader Tardigrade, stressed that Bitcoin is repeating the same price structure as in the period from 2013 to 2018, in which it had followed a specific pattern that went from ‘previous top’ to ‘top 1,’ which preceded ‘top 2’ and ‘retest’ – the stage in which Bitcoin is now. As per the expert’s chart pattern analysis, the next stage in this structure is the price ‘boom,’ which could send Bitcoin to $400,000 in 2026.
Meanwhile, crypto trading expert Stockmoney Lizards observed that Bitcoin has just gotten out of its third historical cycle, during which it reached an all-time high (ATH) of $68,000, and has entered its fourth price cycle, which could culminate in a new ATH between $150,000 and $200,000 sometime in the second or third quarter of 2025.
Bitcoin price analysis
Momentarily, the price of Bitcoin stands at $29,223, demonstrating a decline of 2.17% on the day, in addition to dropping 3.26% across the previous week, and losing 4.81% to its value on its monthly chart, according to the data retrieved by Finbold on July 24.
Presently, the strongest support level for the maiden cryptocurrency rests at the $29,228 mark, where its decline might slow down. On the other hand, its resistance is currently at the $30,867 price level, upon which the token’s advance is likely to drag its feet under the present conditions.
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