Heres Where We Are In The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet
The Wall Street Cheat Sheet has been around for years now and is often passed around in finance circles, so Bitcoin has not been left out. The cheat sheet shows different stages of each market cycle, using sentiment to track where in the cycle a particular asset is. With the Bitcoin market seeming to be stuck in limbo, a crypto analyst has applied the information from the Wall Street Cheat Sheet in an effort to show where we are in the bull cycle.
Bitcoin Cycle Moves Into Belief
The different stages of the Wall Street Cheat Sheet represents different sentiment in the market and it could help to predict where the Bitcoin price is headed next. According to the crypto analyst Mags who has over 89,000 followers on X (formerly Twitter), the Bitcoin market has currently entered the Belief stage.
Belief is the stage that comes after Optimism, which the crypto analyst puts at around the time the Bitcoin price hit its $73,000 all-time high earlier in the year. The drawdown was expected, leading to this next stage, which is now Belief.
What this means for the Bitcoin price is that there could be a continuation of the bull rally. This is because with Belief comes more confidence in the market, and as investors take more bets, the BTC price will rise as a result from here.
Basically, the crypto analysts post suggests that the Bitcoin bull market is far from over. If the Wall Street Cheat Sheet is anything to go by, then the BTC bull run could only be in its beginning stages with a long way to go as Belief drives its price toward $90,000.
BTC Price Could Touch $300,000
Using the Wall Street Cheat Sheet shows that Belief is far from the top of the Bitcoin bull cycle. If anything, it is the confirmation of the ongoing bull market. The next stage is the Thrill where investors are making a lot of money from their trades. At this point, more money is flowing into the market to sustain the rally.
The last stage of any Bitcoin bull cycle according to the Wall Street Cheat Sheet is the Euphoria stage. This is when investor are completely on board with the Bitcoin bull market and is a time of peak bullish sentiment. At this stage, the analysts chart suggests that the BTC price could touch as high as $300,000.
However, this stage often marks the top of the market and the euphoria will often not allow investors to realize that the run is over. Once this stage is completed, the Bitcoin price could turn really quickly and lose over 50% of its value as it has done in the past.
Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-bull-cycle-cheat-sheet/
Text source: NewsBTC
