The current bearish influence in the market shows no signs of subsiding, as the recent minor upswing has left the future price action unclear. Since the start of the 2022 bear market, investors have been plagued by fear, uncertainty, and doubt (FUD). Although bullish breakouts can temporarily shift sentiment, the last breakout saw the BTC price exceed $30,000 while market sentiment remained bearish. Market participants have now familiarized themselves with the ongoing trend, leading them to anticipate a drop in BTC price after a period of consolidation. According to data from the on-chain platform Santiment, traders are now seeking better buying opportunities and expect a drop from $27,000 to $29,000 in the near future. Social volume charts indicate a significant decline in searches related to buying or bullish sentiments, while searches for selling or bearish sentiments reach new highs. Consequently, with the prevailing bearish sentiment, a bearish pullback is more likely. Additionally, some analysts argue that the current rise is merely a major bull trap, predicting a drop in BTC price below $25,000 and a continued decline to $20,000 or lower. Therefore, it appears that the bearish market is far from over, with the final blow yet to be delivered.
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