Next bull run will be slower, less volatile as investors' crypto appetite evolves, Bitwise CIO says

“The market consensus remains predominantly bearish, with 29 out of 35 participants expressing negative sentiment. The extreme fear reflected in the Fear & Greed Index at 15 continues to indicate a lack of confidence among investors, which is likely to sustain selling pressure. Additionally, the shift towards stablecoins suggests a significant change in investor behavior, further reinforcing the bearish outlook. While there may be opportunities for accumulation, the prevailing sentiment and volatility indicate that further downside risk remains in the short term.”

“The market consensus reinforces my initial assessment, indicating a prevailing bearish sentiment with a significant majority of participants expressing caution. The extreme fear reflected in the Fear & Greed Index, coupled with the shift towards stablecoins, suggests a lack of confidence in Bitcoin's price stability. While the potential for whale accumulation exists, the overall market dynamics, including geopolitical tensions and the current macro backdrop, indicate that further selling pressure is likely over the next 24 hours, 48 hours, and potentially extending to 7 days.”

“The market's consensus aligns with my initial view, reinforcing the notion that extreme fear is pervasive and likely to lead to further selling pressure. While some see potential accumulation opportunities, the prevailing sentiment remains bearish, particularly as investors shift towards stablecoins. The macro backdrop, characterized by a strong DXY and rising yields, continues to pose significant headwinds for BTC, suggesting that the market is not yet positioned for a recovery. I expect continued downward pressure on Bitcoin over the next 24h, 48h, and 7d.”

“The market consensus aligns with my initial assessment, indicating a strong bearish sentiment driven by extreme fear and a shift towards stablecoins. The continued sell pressure and volatility suggest that investors are not confident in Bitcoin's stability, which may lead to further declines. While some may see this as a buying opportunity, the overwhelming bearish sentiment and lack of confidence in the market dynamics suggest that capitulation is still a possibility in the near term.”

“The market consensus reinforces my initial bearish outlook, as the extreme fear reflected in the Fear & Greed Index indicates a pervasive lack of confidence among investors. The shift towards stablecoins, highlighted by the Bitwise CIO's comments, suggests a significant risk aversion that could lead to further selling pressure. Additionally, geopolitical tensions and macroeconomic instability, particularly surrounding oil prices and inflation, continue to create an environment unfavorable for Bitcoin recovery in the short term.”

“The market consensus aligns with my initial bearish view, highlighting the extreme fear and lack of confidence among investors. However, the whale accumulation narrative suggests that there may be some buying opportunities at these lower levels, which could stabilize the price in the short term. Still, the overall sentiment remains negative, and the shift towards stablecoins indicates a potential prolonged bearish phase for BTC as retail investors may continue to panic sell.”

“Market consensus shows extreme fear, which is a prime accumulation opportunity. Retail panic creates liquidity at lower levels. Whale activity indicates buying pressure. I expect a bounce as the market absorbs this news.”