Bitcoin Bull Market Over, Says Social Data

Thu, 04/18/2024 - 09:12
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A "bull market" filled the air since the beginning of 2024, with Bitcoin reaching heights of $73.6K. However, things have changed, as we hear more whispers of a "bear market." It is a change that comes after Bitcoin’s value dropped by 16% from its ATH.

Looking at what people are saying, there is less excitement about buying and more talk about the market being in a slump. This might actually be good news, in a strange way. In the past, when most traders thought the market would fall and a new bear market begin, it did the opposite. With the Bitcoin halving event coming up—when the reward for mining new Bitcoins is cut in half—some think we might see prices go up again.

Bitcoin/USD Chart by TradingView

Analyzing various data points, it becomes obvious that Bitcoin is at a pivotal price level. With bearish sentiment on the rise, it is becoming clear that the FUD eclipsing the previous fear of missing out and FOMO could ironically be the precursor to a recovery.

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On the technical side, the price charts point to important spots. Bitcoin has a soft support level at around $58,500, below which it is better not to drop. It did yesterday, but bears could not gain a foothold at around that price level. If it climbs back and stays over this line, it could be a sign of market stabilization. But it has a tough climb to get over the $62,000 hill. Breaking past that could signal a swing back to better days.

So what’s next for Bitcoin? The coming months are in the shade. The halving could give it a boost because there will be fewer new Bitcoins around. But the sentiment on the market is really questionable, and investors are not rushing to provide fresh inflows to the market.