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Bitcoin (BTC) About to Enter 'Hope' Market Stage – Close to 'Euphoria,' Analyst Says

source-logo  u.today 29 May 2023 13:53, UTC

Crypto analyst Ali Martinez has taken to Twitter to share a positive forecast for the Bitcoin price in the near future. He posted a diagram of the stages of the psychology of a market cycle to show where he believes BTC is by now.

According to his tweet, he seems to be bullish on BTC as the flagship cryptocurrency is about to enter a positive stage.

"Bitcoin is about to enter the 'Hope' stage"

Martinez posted an image of "The Wall Street Cheat Sheet," a scheme that explains the emotions of traders that change as the market goes through different stages.

The analyst believes that Bitcoin is about to enter the "Hope" stage on this chart of emotions. In this stage, making the first price rally, an asset reaches the point of temporary consolidation and retracement. However, investors reckon that the asset has great potential for a further rise. At this stage, investors who stayed away during the first rally start to gradually come in. The chart shows this "hope stage" as a stage of accumulation of the asset in hopes of its further surge.

#Bitcoin is about to enter the "Hope" stage in the psychology of a market cycle...

Buy $BTC! pic.twitter.com/poSDoVjMhh

— Ali (@ali_charts) May 29, 2023

Next comes the stage of "Optimism," followed by "Belief" and "Thrill" and then finally by "Euphoria," when the price is expected to reach a peak value.

Bitcoin rises to $28,400 briefly

Since Saturday, May 27, the leading cryptocurrency, Bitcoin, has put up growth of 6.04%, rising to the $28,400 zone from $26,840. This growth is believed to be attributed to the recent agreement about the $31.4 trillion U.S. national debt ceiling, which will prevent the U.S. from announcing a default.

By now, Bitcoin has climbed down 1.91%, now trading at $27,909 on the Bitstamp exchange.

The second largest crypto, Ethereum, followed BTC, surging 4.18% in the past 24 hours and hitting $1,918. By now, ETH has rolled back by 1.35%, changing hands at $1,901.