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Home Cryptocurrency news Bitcoin

Bitcoin Market Cycle: Is This Complacency, Or A New Hope?

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
bitcoin market cycle
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All markets – such as Bitcoin – are cyclical and go through stages of peak euphoria before a correction brings investors back down to reality. Eventually, anger and depression kick in, and investors begin to fear the worst before the cycle reaches a low and begins to pick up once again and return to the mean.

But where is Bitcoin in its overall market cycle? Was this year’s run-up a disbelief rally before new hope sets in, or has the market on just now reached the complacency stage, and the real carnage is still ahead?

Where Exactly Is Bitcoin In Its Market Cycle?

Bitcoin, the first-ever cryptocurrency, has had a stellar 2019. At the peak of its parabolic run, it reached a price of $14,000 and at the height brought investors who bought the bottom as much as over 350% returns – no other asset compares to Bitcoin’s performance.

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Related Reading | List of Crypto All-Time High Prices Shows How Far Market Must Recover 

The powerful rally has crypto investors convinced that the asset is about to embark on its next bull run, but with so much bullish bias in the market, could Bitcoin only now be reaching the complacency stage or a market cycle? If so, it would indicate that the real drop could soon begin, and a new, much deeper bottom could be possible.

This is according to the Wall Street Cheat Sheet’s “psychology of a market cycle” chart, which clearly demonstrates the various stages of a market cycle. According to one analyst, the pattern closely resembles Bitcoin’s price chart when zoomed out.

For all of us I sure hope this isn't the cycle we're really in… pic.twitter.com/opLCQ3h48l

— James (@sometrader78) November 11, 2019

Following the 2014-2015 bear market, Bitcoin began a meager rally in 2016, bringing early adopters hope once again that the asset could soon be back in bull mode. 2017 later saw optimism turn into belief, thrill, and finally, euphoria as Bitcoin reached its all-time high of $20,000.

After euphoria, investors are typically still bullish, and assume the asset needs to “cool off for the next rally.” Following this, the real collapse begins, ushering in emotional states like anxiety, denial, and panic.

It could be argued that capitulation, anger, and depression kicked in after Bitcoin broke down from $6,000 support in November 2018, which took the price of the asset to the current bear market bottom at $3,150.

Related Reading | Bitcoin Low Timeframe Fractal Matches Weekly Price Action, But Is There More? 

However, Bitcoin investors and supporters remained bullish on the asset the entire time and were using the low prices as an opportunity to buy back in. The fact that sentiment has remained so bullish could suggest that the crypto market – namely Bitcoin – is still in the complacency stage of a market cycle, and what comes next could be the real capitulation that shakes out any remaining bullish investors before the cycle begins again.

Tags: Bear marketbitcoincryptomarket cyclewall street cheat sheet
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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