- Talks about the crypto “Bear Market” are on the decline.
- BTC’s price has consolidated on the weekly chart over the past month.
- ETH’s price has consolidated over the past month as well.
Following eight months of continuous retracements in crypto prices, there are very few people in the community that would argue that this time period does not qualify as a bear market. Data published by blockchain analytics firm Santiment shows high mentions of peak bearishness happening after prices have fallen.
The data from Santiment shows the number of “Bear Market” mentions has been on the decline as the majority of crypto prices have flattened this month.
Looking at the weekly chart for the crypto market leader, Bitcoin (BTC), its price declined between the start of April to around the middle of July of this year. Since then, the price of BTC has consolidated or flattened around the $19,700 level after establishing the latest bottom on the weekly chart.
In addition to BTC’s price leveling out on the weekly chart, the Relative Strength Index (RSI) has also flattened out in oversold territory.
Looking at the weekly chart for Ethereum (ETH), its price has also consolidated over the last month following a long series of negative weeks.
ETH is currently the largest altcoin by market cap, according to CoinMarketCap. With this being the case, ETH’s consolidation can indicate that the consolidation seen in BTC’s price has overflowed to the smaller capped altcoin projects.
The consolidation in both BTC and altcoins could be a major reason why talks of a Bear Market are simmering down. This consolidation may serve as an offramp into the next bull run.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.