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The Wall Street cheat sheet has been around for years and is often circulated in financial circles, so bitcoin hasn't been left out. The cheat sheet shows different stages of each market cycle, using sentiment to track where a particular asset is in the cycle. As the bitcoin market appears to be stuck in limbo, one crypto analyst has x.com/thescalpingpro/status/1842497458200527047″ rel=”nofollow”>applied Wall Street Cheat Sheet data in an effort to show where we are in the bull cycle.
bitcoin cycle becomes belief
The different stages of the Wall Street cheat sheet represent different sentiments in the market and could help predict where the price of bitcoin is headed next. According to crypto analyst Mags, who has over 89,000 followers on x (formerly twitter), the bitcoin market has currently entered the “belief” stage.
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Belief is the stage that comes after optimism, which the crypto analyst places at the moment when bitcoin-bull-trend-still-pullback-analyst-explains/” rel=”nofollow”>bitcoin price reached its all-time high of $73,000 at the beginning of the year. The reduction was expected, which led to the next stage, which is now Belief.
What this means for the price of bitcoin is that there could be a continuation of the bullish rally. This is because Belief carries greater confidence in the market and as investors place more bets, the price of btc will increase from here.
Basically, the crypto analyst's post suggests that the bitcoin bull market is far from over. If we go by Wall Street's cheat sheet, then the btc bull run could only be in its early stages with a long way to go as Belief pushes its price towards $90,000.
btc price could touch $300,000
Using the Wall Street cheat sheet shows that Belief is far from the top of the bitcoin bull cycle. If anything, it is confirmation of the ongoing bull market. The next stage is “Excitement”, where investors make a lot of money from their trades. At this point, more money is flowing into the market to support the rally.
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The last stage of any bitcoin-miners-dump-143-million-in-6-days-a-sign-of-trouble/” rel=”nofollow”>bitcoin bull cycle according to the Wall Street cheat sheet It is the 'Euphoria' stage. This is when investors completely agree with the bitcoin-price-enter-period-of-positive-performance/” rel=”nofollow”>bitcoin bull market and it is a time of maximum bullish sentiment. At this stage, the analyst's chart suggests that the btc price could reach $300,000.
However, this stage often marks the top of the market and the euphoria will often not allow investors to realize that the streak is over. Once this stage is completed, the price of bitcoin could change very quickly and lose more than 50% of its value as it has done in the past.
Featured image created with Dall.E, chart from Tradingview.com
