Bitcoin: Bullish in Face of Bearish Sentiment

Letting you know upfront, our Crypto Opportunity Month is now underway and you can learn the details by following the link below.

In the meantime, let me remind you that in late 2022, the price of bitcoin had been in a major downtrend and volatility was unusually high.

More than that, news from the world of crypto was not good (The New York Times, Nov. 22, 2022):

FTX Assets Still Missing as Firm Begins Bankruptcy Process

Additionally, sentiment was highly negative. Here’s what Tony Carrion, our senior Cryptocurrency analyst, noted about two weeks after that headline:

While the FTX collapse may have been a catalyst for the recent selloff, sentiment conditions were already quite bearish when it happened.

However, even though sentiment was bearish as bitcoin traded between 15k and 16k, Tony made this bold forecast in early December 2022:

Bullish reversal underway.

Although bitcoin did decline a little more, the cryptocurrency found a bottom shortly after that forecast.

This chart from our Feb. 2 Cryptocurrency Pro Service provides an update:

Notice that price level of 15,476 marked by the completion of Elliott wave C (which is red). That price level was hit shortly after Tony’s bullish forecast back in early December. You’ll see that, indeed, the price of bitcoin nearly tripled since. Also keep in mind that entire wave labeling is available to subscribers.

All the while, sentiment has noticeably changed since late 2022. Here’s a recent headline from Nasdaq.com (Jan. 30):

3 Reasons Why Bitcoin Can Head Higher

Many other recent news articles also feature bullish outlooks for bitcoin.

Does this mean it’s time to get cautious from a contrarian point of view – or do Elliott waves suggest more upside to go before another big downturn unfolds?

Get insights by participating in our Crypto Opportunity Month – which is ongoing now!

Follow the link below to learn more.