The post Crypto Market Crash: Social Media Sentiment Turns Red, Analyst Calls It ‘Salty Phase’ Of Bull Market appeared first on Coinpedia Fintech News
On Crypto Banter’s Ran’s Show, the analyst opened up about waking up to a discouraging Bitcoin chart and a sea of red in the market. He immediately sensed the weight of what felt like a bear market. Turning to Twitter for more information, the analyst found a chaotic scene. Conversations were heated, with users bickering and criticizing each other. This heightened the atmosphere of negativity and skepticism surrounding the market’s direction.
To counterbalance the gloom, the analyst sought out a conversation with a more optimistic analyst, Sheldon. However, analyst Sheldon was preparing for a significant 30% altcoin capitulation, stressing a long-term trend breakdown.
Market Cycles: Understanding the Quiet Times
Describing the overall market condition, he characterized it as being in the “salty phase” of the bull market. This phase, he explained, is marked by widespread conflict and discord among participants.
However, he disagreed with the notion that the current phase is simply a sideways period typical of previous cycles. Drawing comparisons to past market cycles in 2017, 2021, and 2023, he explained that while there were similar periods of choppy price action lasting around 16 weeks, the current situation feels different. He attributed this feeling not to typical sideways movement but rather to specific market dynamics captured by a particular chart.
While acknowledging that market cycles have quieter phases, he disagreed with the idea that this phase was simply quiet. He compared it to similar periods in previous years but argued that the current situation felt uniquely challenging.
Identifying the Culprit: The Problematic Chart
He pointed to a specific chart causing major market pain. This chart, which compares the performance of all altcoins against Bitcoin, holds the key to understanding why the current phase feels more challenging than mere sideways movement.
The analyst said that altcoins have been consistently losing value against Bitcoin, despite new high-value altcoins entering the market. This downward trend has been frustrating, akin to adding water to a leaking bucket—it doesn’t stop the losses.
Before, meme coins were fun and a break from the norm, but now they’re also facing challenges. People are feeling pretty negative about the market overall, thinking we might be at the worst part of a bear market.