Lack of New Data on Bitcoin Leaves Analysts Adrift, Bitcoin Bearish Vs Bullish Sentiments Rise

Lack of new data on Bitcoin leaves analysts adrift

Bitcoin bearish vs bullish sentiments rise

Analyst believes Bitcoin is bearish for the mid and long term.

Reputed crypto analysts seem to be at a bit of a loss on how to predict the market's next move. Since the greatest liquidation event late last week, analysts find there is limited new data to predict what's next. Thus, the lack of new data on Bitcoin leaves analysts adrift, and presently, Bitcoin bearish vs bullish sentiments and debates are on the rise. One silver-tongued analyst known for his accurate predictions believes Bitcoin is more bearish than it can be bullish at the moment

Lack of New Data on Bitcoin Leaves Analysts Adrift

At the end of the previous week, the crypto market experienced its largest single-day liquidation yet, wiping out $20 billion from the crypto market, annihilating all long and leverage trades, especially for altcoins. During this time, the price of Bitcoin (BTC) fell from $121,000 to $104,000, taking Ethereum and altcoin prices down with it. Analysts suspected this drop to be textbook market manipulation

One analyst, however, believed that the dump was inevitable and not entirely market manipulation, but rather a move that would have happened anyway, and that Trump’s tariff announcement wasn’t a catalyst but a trigger instead. This same analyst, Doctor Profit, had been calling for a massive liquidation that would’ve that BTC price to $90,000. Now he states that the drop is no longer needed since last week’s drop wiped out all positions instead

As we can see from the post above, Doctor Profit shares his latest take on what to expect next. Initially, he believed that in the short term, the market still shows limited signs of a potential relief scenario, meaning a temporary bounce or dead cat move could occur before the main move, which is to the downside, continues. He then states that there are three types of trades: short-term, mid-term, and long-term

While the mid and long term remain clearly bearish, the short term shows the idea of a relief pump, in other words, a dead cat bounce, a pump that happens before the next big downside move. This was the reason he took profits on his short positions yesterday and re-entered the market through BTC spot. As of today, however, the data no longer supports that relief scenario. Thus, he reversed the short-term positioning, sold the BTC spot and re-entered the short side

Bitcoin Bearish vs Bullish Sentiments Rise

In conclusion, this analyst believes that nothing has changed from his broader plan and that the crypto market is in the early phase of a bear market. While short-term dead cat bounces should be considered and traded when worth it, the big picture remains extremely bearish. As we can see from the post above, he also draws attention to the fact that there is a high lack of new data in the market at the moment, which makes it nearly impossible to predict what will play out next.