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The Wall Street Cheat Sheet has been around for years now and is often passed around in financial circles, so Bitcoin has not been left out. The cheat sheet shows the different stages of each market cycle, using sentiment to track where in the cycle a particular asset is. With the Bitcoin market seemingly stuck, a crypto analyst used information from the Wall Street Cheat Sheet in an attempt to show where we are in the bull cycle.
Bitcoin Cycle Goes To Religion
The different sections of the Wall Street Cheat Sheet represent different sentiments in the market and can help predict where the price of Bitcoin is headed next. According to crypto analyst Mags with over 89,000 followers on X (formerly Twitter), the Bitcoin market has currently entered the ‘belief’ phase.
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Belief is the category that comes after Optimism, which the crypto analyst put in around the time Bitcoin’s price peaked at $73,000 at the beginning of the year. It was expected to rise, which led to the next stage, which is Faith.
What this means for the price of Bitcoin is that there may be a continuation of the bull rally. This is because with faith comes more confidence in the market, and as investors take more bets, the price of BTC will rise as a result from here.
Basically, the crypto analyst’s post suggests that the Bitcoin bull market is far from over. If the Wall Street Cheat Sheet is anything to go by, then BTC’s bull run may only be in its early stages with a long way to go as Belief drives its price to $90,000.
The price of BTC can touch $300,000
Using the Wall Street Cheat Sheet shows that Faith is far from the Bitcoin bull cycle. If anything, it’s confirmation of an ongoing bull market. The next stage is ‘Thrill’ where investors make a lot of money from their trading. At this point, more money enters the market to continue the rally.
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The last phase of any Bitcoin bull cycle according to the Wall Street Cheat Sheet is the ‘Euphoria’ stage. This is when investors are completely on board with the Bitcoin bull market and it is the time of peak bullish sentiment. At this stage, the analyst’s chart suggests that the price of BTC can touch as high as $300,000.
However, this phase often marks the top of the market and the excitement will often not allow investors to realize that the performance is over. Once this phase is completed, the value of Bitcoin can quickly turn around and lose more than 50% of its value as it did in the past.
The featured image was created with Dall.E, a chart from Tradingview.com
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