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Bitcoin Bears as Euphoric as Bulls of 2017, What does it Mean?

Bitcoin bears are showing similar kind of euphoria as of late 2017’s bulls. Could it mean in the coming days or month, the Bitcoin will see the floor or maybe the chances of upward movement?

Bitcoin Reversal?

An analyst with pseudonym Yarr shared a chart on TradingView that shows the similarities between the Bitcoin bulls in 2017 when Bitcoin was at its peak at $20,000 and the ongoing bear market.

Bitcoin bear market

“The current price movement is showing a lot of similarities what we have seen in the past back in the time when bulls were euphoric.”

The analyst says with the Bitcoin prices crashed, people are expecting it to move below $3,000 and beyond which is supported by sentimental analysis.

“It’s very common to see extreme emotional behavior at the very top or bottom of the markets. People are either very pessimistic or optimistic and this gives a chance to be a contrarian. It’s very rare to see the price move along with consensus when the sentiments are extreme.”

Also, it has been pointed out…

Read Full Story : Coingape

2019-02-02 00:00:28

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Written by Coingape

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