As the crypto market heads towards the end of the month, the landscape is reflecting a relatively bearish sentiment. Without a significant pump from Bitcoin (BTC), Ethereum (ETH), and other leading altcoins within the last day of March, the month is expected to close on a red note for most cryptocurrencies. This scenario has sparked a flurry of debates among analysts regarding the top possibilities for the BTC cycle, even as the total market cap for Bitcoin and altcoins continues to maintain a bullish stance.
Since mid-2020, the majority of analysts have shown optimistic inclinations towards the future potential of crypto in the following year. These bullish expectations were not limited to Bitcoin (BTC) and altcoins hitting new All-Time High (ATH) prices. Instead, they also incorporated significant projections for Bitcoin (BTC) to reach high 6-digit ATH prices, alongside impressive new targets for altcoin ATHs.
Specifically, these targets for Bitcoin ranged from trend projections of $116,000 to as high as $500,000. Although some analysts clarified that these targets may only be met in subsequent cycles, others firmly believed that these were attainable goals for the leading crypto asset in the current bull cycle. These predictions significantly fueled a bullish sentiment.
However, the reality unfolded differently with Bitcoin (BTC) reaching a new ATH price quite early, a price that kept surpassing itself within two months, propelling the price of Bitcoin (BTC) from $75,000 to $109,000. Currently, Bitcoin (BTC) has slipped back to the lower price range of $80,000, igniting a bearish sentiment and sparking speculations of whether the cycle’s top has already been set.
One analyst pointed out that during the previous cycle, many didn’t see $60,000 as a top, despite it fitting the perfect textbook structure for one. Now, $85,000 appears bearish because $108,000 looks like a top. He noted that bearish sentiments are understandable for those who have not yet experienced the bull phase. He further explained that when the real top is in, and the market sees a 25% pullback, he would revisit his chart.
Amid the ongoing debate, another analyst has urged traders and investors not to fret. Drawing parallels to the bull cycle of 2020/2021, he pointed out that Bitcoin (BTC) and the altcoin total market cap are still bullish, despite the current bearish sideways movement. He stressed that the prices are moving according to plan, and the structure hasn’t changed for the long run, indicating that a bull pump is still on the cards.
In conclusion, despite the slow market movement and the bearish end to the month, most analysts remain bullish for crypto. They believe that as long as the structure remains unchanged, a bull pump is inevitable, and the total market cap of Bitcoin and altcoins will continue to remain bullish in the long run.
