- More traders turn bearish as correction sentiments take root.
- This leads to an overall stronger FUD sentiment.
- In response, expectations for a big retracement fdes way.
The past few weeks in the crypto space have been interesting, leading to opposing sentiments between traders and analysts. Despite BTC having retaken the $114,000 price range and ETH having retaken the $4,400 price range, more traders are turning bearish, leading to stronger FUD sentiment that pushes away retrace possibilities. Some believe that a reversal may never come.
More Traders Turn Bearish
Last month the price of the pioneer crypto asset, Bitcoin (BTC), and the price of the pioneer altcoin, Ethereum (ETH), set new ATH prices just 10 dys apart. To highlight, BTC went on to set a new ATH price at the $124,000 price range just above its previous ATh in the $123,000 price range. Similarly, ETH went on to set a new ATH just 10 days latest in the $4,900 price range, just above the $4,800 price range where the previous ATH was set 4 years ago.
This new ETH ATH marked the pioneer altcoin asset’s first ATH in the ongoing bull cycle. A much anticipated event finally played out allowing ETH holders and altcoin enthusiast to grow bullish for the even more highly anticipated event, this ongoing bull cycle’s altseason peak phase. However, in the days that followed both ETH and BTC prices fell dramatically, with ETH maintaining a higher price over BTC.
In detail, the price of BTC fell as far as $110,000 while the price of ETH fell as far as $4,100. Since then, both assets traded in a long sideways movement with BTC between $110,000 and $112,000, but mostly stagnant at $110,000, while ETH traded in the $4,200 and $4,300 price range. Since yesterday, both assets began to move in an upward direction taking BTC to the $111,000 price range.
Stronger FUD Sentiment Takes Hold
Today, the price of BTC is trading at a much higher price in the $114,000 price range, while ETH is back up to trading in the $4,400 price range. While many were excited to the crypto market take higher prices and show signs of a recovery. One reputed crypto analyst believes that market makers are creating a fake pump to pave an exit path for themselves. He believes that after the September correction, they will buy back at lower prices.
Presently, expectations for the September correction is signaling the price of BTC to fall as low as $90,000 to close a CME Gap before a major recovery can follow. As we can see from the post above, these bearish expectations have led to many traders turning bearish, and the growing FUD signals the feared Bitcoin, Ethereum, and altcoin retrace may never come. Responses to the post show that similar market actions have occurred before, and eventually prices will go back up.
