Altcoins
Social media sentiment turns red, analyst calls it ‘salty phase’ of bull market
On Crypto Banter’s Ran’s Show, the analyst spoke about waking up with a disheartening feeling. Bitcoin chart and a sea of red in the market. He immediately felt the weight of what looked like a bear market. Turning to Twitter for more information, the analyst discovered a chaotic scene. Conversations were heated, with users bickering and criticizing each other. This has heightened the atmosphere of negativity and skepticism surrounding the direction of the market.
To counterbalance the gloom, the analyst sought a conversation with a more optimistic analyst, Sheldon. However, analyst Sheldon was bracing for a significant 30% capitulation of the altcoin, highlighting a long-term trend break.
Market Cycles: Understanding Calm Periods
Describing the general state of the market, he characterized it as being in the “salt phase” of the bull market. This phase, he explained, is marked by widespread conflict and discord among participants.
However, he does not agree with the idea that the current phase is just a parallel period typical of previous cycles. Drawing comparisons with past market cycles of 2017, 2021 and 2023, he explained that while there have been similar periods of unstable price action lasting around 16 weeks, the current situation looks different. He attributed this feeling not to a typical sideways movement, but rather to a specific market dynamic captured by a particular chart.
While acknowledging that market cycles have calmer phases, he disagrees with the idea that this phase was simply calm. He compared the situation to similar periods in previous years, but argued that the current situation was particularly difficult.
Identifying the culprit: the problematic picture
He highlighted a specific chart causing major difficulties in the market. This chart, which compares the performance of all altcoins against Bitcoin, is the key to understanding why the current phase seems more difficult than a simple sideways movement.
The analyst stated that altcoins have consistently lost value against Bitcoin, despite new high-value altcoins entering the market. This downward trend is frustrating, like adding water to a leaking bucket: it doesn’t stop the losses.
Before, coins were fun and a break from the norm, but now they also face challenges. People have a pretty negative feeling about the market as a whole, thinking that we might be in the worst part of a bear market.
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