Bitcoin price is now above $40,000, up more than 20% from the lows set in late January. Despite the recovery, common sentiment across the crypto community, analysts, and more is that the bottom is nowhere near in. Meanwhile, BTCUSD has began its recent bounce from a seven year secular bull trend line. Could that fact combined how few are expecting a bottom be the best case for why one might already be in? Contrarian Take: Crypto Market Sentiment Would Be Blind To A Bottom In a flash, Bitcoin has risen back above $40,000 – still a far cry below the $100,000 end of year 2021 targets the crypto community, analysts, mathematical models, and more had been projecting. The current collective expectation from that very same crowd is that the current rally is nothing more than a “bull trap” and a revisit to $30,000 and even lower is all but guaranteed. Related Reading | Bitcoin Death Cross 2022: What You Need To Know About The Deadly Signal Often when the consensus expects one direction, the market moves in a contrarian manner. With market participants sold on the idea that a downtrend will continue, the current bounce could end up leaving many behind. Especially when the bounce itself began at a seven year secular bull trend line – and a trend line that put in two bear market bottoms. A look at the seven year secular bull trend line | Source: BTCUSD on TradingView.com The Bitcoin Trend Line That Just Won’t Stay Broken ...
