This article is available in Spanish.
The Wall Street Cheat Sheet has been around for years and is often passed around in financial circles, so Bitcoin has not been left out. The cheat sheet shows different stages of each market cycle, using sentiment to track where in the cycle a particular asset is. Now that the Bitcoin market appears to be in limbo, one crypto analyst has done just that applied the information from the Wall Street Cheat Sheet in an attempt to show where we are in the bull cycle.
Bitcoin cycle turns to faith
The different stages of the Wall Street Cheat Sheet represent different sentiments in the market and can help predict where the Bitcoin price will go next. According to crypto analyst Mags, who has over 89,000 followers on X (formerly Twitter), the Bitcoin market has currently entered the ‘Belief’ phase.
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Faith is the stage that follows optimism, which the crypto analyst places around the time Bitcoin price hit an all-time high of $73,000 earlier in the year. The relapse was expected, which would lead to the next phase, which is now Faith.
What this means for the Bitcoin price is that there could be a continuation of the bull rally. This is because Belief creates more confidence in the market, and as investors bet more, the BTC price will rise from here.
In short, the crypto analyst’s post suggests that the Bitcoin bull market is far from over. If Wall Street’s Cheat Sheet is anything to go by, BTC’s bull run could only be in its early stages and there is still a long way to go as Belief drives the price towards $90,000.
BTC price can reach $300,000
Using the Wall Street Cheat Sheet shows that Belief is far from the top of the Bitcoin bull cycle. In any case, it is confirmation of the ongoing bull market. The next phase is the ‘Thrill’, where investors make a lot of money with their trades. Right now, more money is flowing into the market to support the rally.
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The final stage of each Bitcoin bull cycle according to the Wall Street Cheat Sheet is the ‘Euphoria’ phase. This is the moment when investors fully agree with the Bitcoin bull market and it is a time of peaking bullish sentiment. At this stage, the analyst’s chart suggests that the BTC price could reach $300,000.
However, this phase often marks the top of the market and the euphoria often leaves investors unaware that the run is over. Once this phase is complete, the Bitcoin price could very quickly turn around and lose more than 50% of its value, as has been the case in the past.
Featured image created with Dall.E, chart from Tradingview.com
