Altcoins
Social Media Sentiment Turns Red, Analyst Calls ‘Salty Phase’ of Bull Market
During Crypto Banter’s Ran’s Show, the analyst said he woke up to a discouraging Bitcoin graph and a sea of red in the market. He immediately felt the weight of what seemed like a bear market. Turning to Twitter for more information, the analyst encountered a chaotic scene. The conversations were heated, with users arguing and criticizing each other. This has heightened the atmosphere of negativity and skepticism surrounding the direction of the market.
To counteract the darkness, the analyst sought a conversation with a more optimistic analyst, Sheldon. However, analyst Sheldon was preparing for a significant altcoin capitulation of 30%, underlining a collapse in the long-term trend.
Market Cycles: Understanding the Quiet Times
Describing the general condition of the market, he characterized it as being in the “salty phase” of the bull market. This phase, he explained, is characterized by widespread conflicts and disagreements among participants.
However, he disagrees with the idea that the current phase is simply a lateral period typical of previous cycles. Drawing comparisons to past market cycles in 2017, 2021 and 2023, he explained that while there have been similar periods of choppy price action lasting approximately 16 weeks, the current situation looks different. He attributed this sensation not to typical sideways movement but rather to specific market dynamics captured by a particular chart.
While he acknowledged that market cycles have calmer phases, he disagreed with the idea that this phase was simply calm. He compared it to similar periods in previous years, but argued that the current situation seems particularly challenging.
Identify the culprit: the problematic graph
He pointed to a specific chart that causes severe distress for the market. This chart, which compares the performance of all altcoins against Bitcoin, holds the key to understanding why the current phase seems more challenging than a simple sideways move.
The analyst said that altcoins have steadily lost value compared to Bitcoin, despite the entry of new high-value altcoins into the market. This downward trend has been frustrating, like adding water to a leaky bucket: It doesn’t stop the leaks.
Before, meme coins were fun and a break from the norm, but now they also face challenges. People are feeling pretty negative about the market as a whole, thinking that we might be in the worst part of a bear market.