BTC Sentiment Poll for April

[coolcoinz]

I answered "No" because it entered a bear market a long time ago and will never exit.

Which means the run from 20k to 70k was a bearish move. If that's how it is, I guess the recent correction to 40k was bullish and we have nothing to worry about  
We can expect another "bearish" move that will confirm your "never ending bear market" somewhere around the next halving. I'll wait for the "bottom" of 2024 to sell some of my coins.

My sentiment is currently "sideways"; there's a good probability continue in this bullish channel but it's not going to be straightforward. So I've voted for "no", if we're in a bear cycle it didn't start "right now" (I agree here with @coolcoinz).

That's right. It's going to stay between around 35k and 50k until it breaks out and it will most likely be a breakout caused by big news like a spot ETF (upside breakout) or a stock market crash (downside breakout). Anyway, if we break it to the downside I don't expect anything big. Probably 28k is going to be the lowest that we touch and it's going to be the last leg down, a final capitulation.

[Silberman]

Just curious what you guys think.

While half of my brain is screaming "OMG it's starting, not agaaiiinnn...", the other half is "calm down, you know that most of those $10bn for buying bitcoin are still unspent, you know that when the price will go down some institutional buyers will probably jump in to buy moar". So I don't know... is it indeed bearish? I can understand that fear is gaining. But 2 weeks ago some were preaching that we are bullish... we are switching too often, too fast between greed and fear. I'd still consider it undecided for now.

I think the market is simply in a ranging state and it is playing with our minds, after all the range is kind of wide so when the price goes up it seems as if we are headed towards a bull market and when it goes down it seems we are headed towards a bear market, however as you say when the price of bitcoin hits a certain level whales and institutional investors will simply load even more bitcoin to their wallets, showing that the current price is close to the absolute bottom we can hit at the moment.

[pooya87]

Bearish trend is when price keeps going down which means if you vote yes you should be expecting $35k, $30k and $20k subsequently and since all of them are impossible under normal circumstances and also because we have no indication of any further falls coming (since $40k is strong support) you can't be felling bearish.

Besides, if you look at the past 6 months there is nothing bearish about the market. We had a quick drop and in about 2 months we reached the $40k range and stayed there ever since. Price hasn't been going down in the past 4 months, it has been fluctuating (both up and down).

In any case, this recent drop IMO was a panic sell due to the stock market in US tanking due to financial crisis that is coming. And there have been a lot of idiots who are brainwashed into believing over the past 3-4 years that bitcoin market must be correlated to that market in particular so whenever it tanks they panic sell right away.

[Kemarit]

Just curious what you guys think.

While half of my brain is screaming "OMG it's starting, not agaaiiinnn...", the other half is "calm down, you know that most of those $10bn for buying bitcoin are still unspent, you know that when the price will go down some institutional buyers will probably jump in to buy moar". So I don't know... is it indeed bearish? I can understand that fear is gaining. But 2 weeks ago some were preaching that we are bullish... we are switching too often, too fast between greed and fear. I'd still consider it undecided for now.

I think the market is simply in a ranging state and it is playing with our minds, after all the range is kind of wide so when the price goes up it seems as if we are headed towards a bull market and when it goes down it seems we are headed towards a bear market, however as you say when the price of bitcoin hits a certain level whales and institutional investors will simply load even more bitcoin to their wallets, showing that the current price is close to the absolute bottom we can hit at the moment.

It's on the middle ground right now, investors reluctant again to buy and speculators decided to sell. Nevertheless, this could only be short term, or at least the downtrend could be only in this month (although April is historically a bad month).

So expect the unexpected, if we go down between $35,000-$30,000 then take it as a good buying entry and could be the bottom for this quarter.

[marine4u]

The short-term negative bias affecting market sentiment is a conceivable correction, but I don't think a retracement back to $34k is imminent.  The biggest driver is not war but bitcoin as the best hedge against inflation, we can expect it to be the key to breaking this negative regulatory trend.  If bitcoin can hold around 40k through the end of this week, I think it's a hit before we head to $49k at the end of April. 37-40k is holding very strong support even with it is a bear

I think if BTC breaks down below 28k - 30k that's when it starts being a full blown bear market.

I think this price level is unlikely, unless it is a retracement where the accumulation trend is isolated and dumping!

[NeuroticFish]

(although April is historically a bad month).

I think that you're remembering something wrong. March is supposed to be the historically bad month and April is good/mixed.
Even more, I could say that in most of the cases, after a bad March, April was good.
I've even looked up a chart for you:

[Reid]

^Thanks NeuroticFish for the shared chart. I was about to vote bearish but when I saw that my hopes went up.
As long as it stays above 35k I think we are in a good position. It gives chance to new investors and at the same time testing the market on how far below it could get.
So maybe, we just need to wait for the 3rd and 4th week of this month and we will see green lights again.

[tokeweed]

BTC shot up past 40k real quick as soon as everybody saw the NYSE opened 'not red'.    So yeah...  It looks like we're going to have a good US session today and right before the long weekend.  The NYSE will be trading a day shorter this week as it will be closed for Good Friday.

But we're not out of the woods yet and I don't trust the price action.  BTC seems to be following US stocks a little bit more than usual lately.  Keep an eye out.

[Pesona1]

After failing to stay above 44k - 45k, it's hard not to feel bearish...  And sure, that could be the sentiment right now but the question is are we really technically entering a bear market?  Just curious what you guys think.  I won't join the poll but I think if BTC breaks down below 28k - 30k that's when it starts being a full blown bear market.  You guys could have a different take.  Would like to know them.

Due to the hawkish policy of the Fed, bitcoin, as a risky asset, has undergone a sale. Investors fixed at 46,000-48,000. Since now the market is supported mainly by holders, and there is no influx of new investors, it became obvious that demand could not be maintained at high levels for a long time.

The further trend still indicates more bearish sentiment than a bull market. Bitcoin's correlation with traditional markets, the Fed's containment of price increases and the key rate hike, all this prepares us for a bear market phase that will last throughout 2022, with small upward bounces.

Currently, the FED more aggressive attitude in determining monetary policy in restraining the high inflation that has occurred has had a lot of impact on us as bitcoin lovers, but one of the news that I read in the local media stated that the current decline in bitcoin prices was also the impact of Axie Infinity NFT hacking. which happened a few days ago, so I think, the amount of negative sentiment that is currently there will certainly be very difficult for bitcoin to get a price increase in the market again.
Compared to last year, I'm actually worried about the current decline in bitcoin prices because it has the potential to return to bearish in the long term if bitcoin continues to test price support levels at $40K.

[Oasisman]

I answered NO.
I won't consider Bitcoin to be in a bearish state If it didn't drop below $30k or $25k.
The price currently is still somehow kinda bullish since Bitcoin have not dropped below or near the level of the last ATH before $60k.
Infact Btc price action currently is kinda very volatile, It drops and recover. More of like a dead cat bounces.

So, yeah I think were not really in a bearish market currently.

[Oceat]

I answered NO.
I won't consider Bitcoin to be in a bearish state If it didn't drop below $30k or $25k.
The price currently is still somehow kinda bullish since Bitcoin have not dropped below or near the level of the last ATH before $60k.
Infact Btc price action currently is kinda very volatile, It drops and recover. More of like a dead cat bounces.

So, yeah I think were not really in a bearish market currently.

Perhaps it's an undecided choice just like mine since the market doesn't look like bullish or bearish to me it's still in the middle of gaining momentum to losing it which would end up to be the start of bearish market. We should just look at the resistance and support levels if we have to determine which way the market could go.

For me, the market is still in bullish though the panic is somehow increasing which makes the market to dump a bit perhaps it's just the traders doing their thing.

[Jating]

BTC shot up past 40k real quick as soon as everybody saw the NYSE opened 'not red'.    So yeah...  It looks like we're going to have a good US session today and right before the long weekend.  The NYSE will be trading a day shorter this week as it will be closed for Good Friday.

But we're not out of the woods yet and I don't trust the price action.  BTC seems to be following US stocks a little bit more than usual lately.  Keep an eye out.

I forgot who among the members says that bitcoin follow the stock market movement. And probably it is still holding true so far. And it was just very uncanny to see the price shoot up to above $40k when everyone thinks that we are in a bear market once again.

Oh well, NYSE will be closed this long week in observance of holy week but not crypto market. So let's see if traders will go and flock crypto and who knows, a possible moonshot to $44k-$45k?

[TravelMug]

^^ I think it's more of the geo-political thingy going on, in short the war in Europe that greatly affecting not just bitcoin, but other assets as well.

Good thing is that the market is still in good phase, although it's scary to see the price just going down hard in the last week, below $40k, we have a good recovery in the last 24 hours. So we might still be in the middle, hard to see if we are in the bearish trend as the trend is not pointing in that direction for now.

[lixer]

BTC shot up past 40k real quick as soon as everybody saw the NYSE opened 'not red'.    So yeah...  It looks like we're going to have a good US session today and right before the long weekend.  The NYSE will be trading a day shorter this week as it will be closed for Good Friday.

But we're not out of the woods yet and I don't trust the price action.  BTC seems to be following US stocks a little bit more than usual lately.  Keep an eye out.

It is really cool to see that bitcoin is up, but it is really scary to see that with American markets being high, bitcoin is high as well. There shouldn't be a connection between those two things but for some reason there is one. We shouldn't rely on American stock markets to see bitcoin shoot up, they should be irrelevant and independent from each other.

In any case, I am happy to see that it is higher right now and 41k is not a bad number, it means that the bull could be back on the menu once again. I can't say if it will go to 48k once again, but I am glad that I have waited long enough to see it drop before I got in, feeling much better.

[lixer]

At the moment, we continue to be in a bullish trend, which began after large-scale sales in January-February. On April 11, we tested this trendline and are now trying to hold the current support. If there is a breakdown of the trend line, then the market is likely to test the previous lows. If we fail them too, then we can already say for sure that bears reign in the market.

I assume that the bullish trend part is accurate, but the drop wasn't mainly due to the rate increase by fed, it is obviously impacting, but from 48k to under 40k can't be explained simply by people who withdrew and then put their money into crypto. Obviously it is something that we have seen before and obviously it is impacting the price a bit but this was a too much of a fall to just put it on the rates.

I believe we increased way too much before that, from under 40k to 48k which meant that even a small push caused it to go down even harder and if we were to be 48k before that happened, like be there for months, then it wouldn't really hurt this much.

[boltz]

The entire market is looking bearish right now so for me I can't think of any bull run anytime soon for any cryptocurrency.

Bitcoin , could sustain itself on 35-38k for a while if we go down under 40k$ but we if go down under 35k ...I'm afraid that it will be hard to read the bottom as it could be 28k , it could be 25k or even lower.

It's a perfect time to sit on the side of the market and just watch how it goes as liquidation is still going on a fast pace.

[Sanitough]

The entire market is looking bearish right now so for me I can't think of any bull run anytime soon for any cryptocurrency.

Bitcoin , could sustain itself on 35-38k for a while if we go down under 40k$ but we if go down under 35k ...I'm afraid that it will be hard to read the bottom as it could be 28k , it could be 25k or even lower.

It's a perfect time to sit on the side of the market and just watch how it goes as liquidation is still going on a fast pace.

watch and try to accumulate, that's the right thing to do.

Take advantage of the opportunity as a bearish market always offers an opportunity for investors who doesn't panic, while some would panic and dump at a loss, us who understand the cycle of the market should see it as an opportunity to buy, besides, once the bull market starts, we can always sell our holding with a profit we desire as long as it's realistic.

[Altryist]

watch and try to accumulate, that's the right thing to do.

Take advantage of the opportunity as a bearish market always offers an opportunity for investors who doesn't panic, while some would panic and dump at a loss, us who understand the cycle of the market should see it as an opportunity to buy, besides, once the bull market starts, we can always sell our holding with a profit we desire as long as it's realistic.

There is no point in selling bitcoin now, everyone will agree with that. So in this situation, you need to hold the bitcoin that you have, and in parallel accumulate stablecoins in case there is a big drop. In this case, it will be possible to buy bitcoin at a very good price and continue to hold in anticipation of the growth that will definitely happen. If such a significant drop does not occur and bitcoin grows, then this is also a very good scenario. You need to consider all possible options and be ready for them.

[ultrloa]

watch and try to accumulate, that's the right thing to do.

Take advantage of the opportunity as a bearish market always offers an opportunity for investors who doesn't panic, while some would panic and dump at a loss, us who understand the cycle of the market should see it as an opportunity to buy, besides, once the bull market starts, we can always sell our holding with a profit we desire as long as it's realistic.

There is no point in selling bitcoin now, everyone will agree with that. So in this situation, you need to hold the bitcoin that you have, and in parallel accumulate stablecoins in case there is a big drop. In this case, it will be possible to buy bitcoin at a very good price and continue to hold in anticipation of the growth that will definitely happen. If such a significant drop does not occur and bitcoin grows, then this is also a very good scenario. You need to consider all possible options and be ready for them.

For investor which bought their btc while the price is high then there's no point selling it especially if your balance is at spot since we have huge chance to recover it knowing bitcoin is good in terms of price pump. But if you are regular worker which receive bitcoin as salary and not a trader for sure there's no doubt for them to sell their bitcoin at anytime they like. This will all depends on how people will use their bitcoin since not everyone know how to trade this coin without getting any worry.

[Poker Player]

I voted no, we are not going to enter a bear market but I see no reason to return to a bull market either. More than a technical analysis isolated from reality, I believe that what can catapult the price up or down are certain events, and not to extend some alleged patterns in a chart. I think it is more likely, in the absence of catastrophic or wonderful news, that we are going to stay in a kind of sideways.