{"id":370870,"date":"2019-02-08T19:10:12","date_gmt":"2019-02-08T19:10:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=370870"},"modified":"2019-03-11T20:36:08","modified_gmt":"2019-03-11T20:36:08","slug":"20k-3k-bitcoin-price-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/20k-3k-bitcoin-price-crypto\/","title":{"rendered":"From $20K to $3K and Back: How Bitcoin Price Counters Sentiment in the Crypto Market"},"content":{"rendered":"

During Bitcoin\u2019s widely publicized bull run of 2017 which sucked up retail investors into its massively inflated bubble, the price of the first ever crypto reached a peak of $20,000<\/a>. Now that the bubble has popped and the market has entered a state of anger and despair, more people than ever are writing obituaries for Bitcoin<\/a> and calling for extreme lows \u2013 the exact opposite of the sentiment witnessed at its all-time high.<\/span><\/p>\n

While most traders follow technical analysis or look to fundamentals to determine which way Bitcoin price may move next, trading crypto counter to the market\u2019s sentiment may be the best indicator yet for profitable trades.<\/span><\/p>\n

Crypto Market Sentiment Can Be a Contrarian Indicator<\/span><\/h2>\n

Billionaire investor and finance magnate Warren Buffett has an often cited quote, \u201cBe fearful when others are greedy and be greedy when others are fearful.\u201d The quote is the perfect example of how contrarian trading works, especially when it comes to speculative assets that easily set the stage for bubble-like market cycles.<\/span><\/p>\n

Sentiment just before Bitcoin\u2019s all-time high was at the peak of the hype and irrational exuberance phase of a market bubble cycle. It wasn\u2019t uncommon to see comments in Reddit\u2019s r\/BitcoinMarkets\u2019 daily discussion thread read<\/span><\/a> \u201cno way it doesn\u2019t break $20,000 soon. Very soon.\u201d<\/span><\/p>\n

\"\"<\/p>\n

Others were calling for astronomical figures such as $100,000, and some simply talked about how the current bull trend couldn\u2019t possibly come to an end. \u201cEvery time we’ve consolidated right below\/around ath the past year it’s broken up….just saying the trend is still very much up,\u201d one Redditor adorned with a \u201c2013 Veteran flair\u201d added<\/span><\/a>.<\/span><\/p>\n

Related Reading |\u00a0Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels<\/a><\/strong><\/em><\/p>\n

Another self-proclaimed Bitcoin maximalist even suggested<\/span><\/a> those turning bearish where blind to \u201cwhat is right in front of them\u201d for entering what are now incredibly profitable short positions.<\/span><\/p>\n

Even industry figures such as Fundstrat\u2019s Tom Lee had called for Bitcoin to reach $25K<\/a>, and the eccentric John McAfee even offered to eat his own penis if Bitcoin didn\u2019t reach $1 million per BTC by the year 2020<\/a> \u2013 a prediction he then called \u201cconservative\u201d yet now seems impossible.<\/span><\/p>\n

Crypto Bear Market Bottom is Hard to Spot During Depression and Anger Phase<\/span><\/h2>\n

Predicting the bottom price of an asset is extremely difficult, and its only further complicated by the emotional state of the market\u2019s participants. <\/span><\/p>\n

Following Bitcoin\u2019s hype phase, was denial. $6K was repeatedly defended and sentiment swayed back and forth between each Bitcoin price peak and trough. Until support at $6K broke and even permabulls finally turned bearish.<\/span><\/p>\n

Related Reading |\u00a0Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom<\/a><\/strong><\/em><\/p>\n

Sentiment has only suffered further since then, as the market clearly entered the depression and anger stage \u2013 the complete opposite of the sentiment found in Reddit comments around the December 2017 top.<\/span><\/p>\n

\u201cDoes look like it’s running out of steam and about ready to fall,\u201d one Redditor commented<\/span><\/a>. \u201cShort it. Itz about to double top – or whatever the TA term is for the second peak peaking short and plumitting beyond the first peak’s inception slope to inverted Middle Earth,\u201d exaggerated\u00a0another<\/span><\/a>.<\/span><\/p>\n

Extreme Bitcoin<\/a> price calls claiming $1,000 is around the corner, or that $3K would break in the same manner $6K did, were great examples of how trading contrary to sentiment can work in one\u2019s favor.<\/span><\/p>\n

Following these dramatic and depression-driven calls for the death of Bitcoin, came a nearly 10% rally from Bitcoin\u2019s local low of $3350<\/a>, and could spark a reversal if overhead resistance can continue to be taken out.<\/span><\/p>\n

From here, where Bitcoin price goes is anyone\u2019s guess. But investors should keep in mind Warren Buffet\u2019s famous quote and watch closely for opportunities to trade counter to market sentiment.<\/span><\/p>\n

Images from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"
During Bitcoin\u2019s widely publicized bull run of 2017 which sucked up retail investors into its massively inflated bubble, the price of the first ever crypto reached a peak of $20,000. Now that the bubble has popped and the market has entered a state of anger and despair, more people than ever are writing obituaries for Bitcoin and calling for extreme lows \u2013 the exact opposite of the sentiment witnessed at its all-time high. While most traders follow technical analysis or look to fundamentals to determine which way Bitcoin price may move next, trading crypto counter to the market\u2019s sentiment may be the best indicator yet for profitable trades. Crypto Market Sentiment Can Be a Contrarian Indicator Billionaire investor and finance magnate Warren Buffett has an often cited quote, \u201cBe fearful when others are greedy and be greedy when others are fearful.\u201d The quote is the perfect example of how contrarian trading works, especially when it comes to speculative assets that easily set the stage for bubble-like market cycles. Sentiment just before Bitcoin\u2019s all-time high was at the peak of the hype and irrational exuberance phase of a market bubble cycle. It wasn\u2019t uncommon to see comments in Reddit\u2019s r\/BitcoinMarkets\u2019 daily discussion thread read \u201cno way it doesn\u2019t break $20,000 soon. Very soon.\u201d Others were calling for astronomical figures such as $100,000, and some simply talked about how the current bull trend couldn\u2019t possibly come to an end. \u201cEvery time we’ve consolidated right below\/around ath the past year it’s broken up….just saying the trend is still very much up,\u201d one Redditor adorned with a \u201c2013 Veteran flair\u201d added. Related Reading |\u00a0Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels Another self-proclaimed Bitcoin maximalist even suggested those turning bearish where blind to \u201cwhat is right in front of them\u201d for entering what are now incredibly profitable short positions. Even industry figures such as Fundstrat\u2019s Tom Lee had called for Bitcoin to reach $25K, and the eccentric John McAfee even offered to eat his own penis if Bitcoin didn\u2019t reach $1 million per BTC by the year 2020 \u2013 a prediction he then called \u201cconservative\u201d yet now seems impossible. Crypto Bear Market Bottom is Hard to Spot During Depression and Anger Phase Predicting the bottom price of an asset is extremely difficult, and its only further complicated by the emotional state of the market\u2019s participants. Following Bitcoin\u2019s hype phase, was denial. $6K was repeatedly defended and sentiment swayed back and forth between each Bitcoin price peak and trough. Until support at $6K broke and even permabulls finally turned bearish. Related Reading |\u00a0Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom Sentiment has only suffered further since then, as the market clearly entered the depression and anger stage \u2013 the complete opposite of the sentiment found in Reddit comments around the December 2017 top. \u201cDoes look like it’s running out of steam and about ready to fall,\u201d one Redditor commented. \u201cShort it. Itz about to double top – or whatever the TA term is for the second peak peaking short and plumitting beyond the first peak’s inception slope to inverted Middle Earth,\u201d exaggerated\u00a0another. Extreme Bitcoin price calls claiming $1,000 is around the corner, or that $3K would break in the same manner $6K did, were great examples of how trading contrary to sentiment can work in one\u2019s favor. Following these dramatic and depression-driven calls for the death of Bitcoin, came a nearly 10% rally from Bitcoin\u2019s local low of $3350, and could spark a reversal if overhead resistance can continue to be taken out. From here, where Bitcoin price goes is anyone\u2019s guess. But investors should keep in mind Warren Buffet\u2019s famous quote and watch closely for opportunities to trade counter to market sentiment. Images from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":370878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[5687,428,679,6664,3621,24360],"class_list":["post-370870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bear-market","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-reddit","tag-sentiment"],"acf":[],"yoast_head":"\nFrom $20K to $3K and Back: How Bitcoin Price Counters Sentiment in the Crypto Market<\/title>\n<meta name=\"description\" content=\"Traders often look to TA or fundamentals to determine which way Bitcoin price may move, but trading crypto counter to market sentiment can be profitable.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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