In the past seven days, Bitcoin had a roller-coaster ride. It started with a massive pump on March 3, spurred by Donald Trump’s announcement of a strategic crypto reserve.
While the whole crypto market bounced, the assets featured in the reserve were the biggest beneficiaries.
However, the announcement of tariffs the next day led to the crypto market erasing most of its gains.
Below, we will analyze the sentiment and comments regarding the recent events on crypto X by some of the biggest accounts.
Bitcoin Sentiment
Even though the Bitcoin price has fallen since its all-time high, the sentiment is still relatively bullish. Inmortal Crypto noted that the downside gap has been filled, and only the upside is left, stating that every decline is a bear trap.
Rekt Capital noted the similarity between the current range movement and previous movements in the current cycle. He believes Bitcoin closing inside the range is an extremely bullish development.
Bob Loukas is bullish. He suggests that ignoring the news-spurred movement on March 2-3, Bitcoin has created a bottoming pattern.
On the other hand, perhaps the most bearish signal is the bullish tweet by Crypto Capo , who stated:
“This looks like a bear trap. Another short squeeze seems likely.”
CryptoCapo has become a notorious trader after infamously calling most of the movement from $18,000 to $100,000 a bear trap.
Jim Cramer, another trader considered a counter-indicator, was not vocal during this week’s movement.
Therefore, Bitcoin sentiment is still relatively positive, mainly because the price trades near its low range.
Ethereum and Memecoins
It is no secret that Ethereum has been the most disappointing asset of the crypto market cycle. It failed to reach an all-time high, and the ETH/BTC pair is down 72% from its high.
TraderPA believes that the period of Solana outperforming Ethereum is over, noting several long upper wicks in long-term time frames. Solana has outperformed Ethereum for nearly two years.
CryptoGoos suggests the ETH bottom is in, since the price has bounced at multi-year horizontal and diagonal support levels between $2,000 and $2,200, calling the current price “the biggest ETH buy opportunity I have seen”.
Ted noted that whales are adding to their holdings and currently have over $2.5 billion in ETH, making it unlikely that the price will decline much further.
So, interestingly, despite such underwhelming performance, large accounts are still bullish on its future price.
Simon echoes this sentiment , stating that the altcoin market cap can grow to $3 – $5 trillion this year, a roughly 3x-4x increase from the current level of $1.1 trillion.
Meme coins have fallen sharply since their highs despite being the overall best-performing category this cycle.
Honey noted that after a 90% decline, even a bounce to the range highs would be a roughly 300-500% increase, so she is “buying the blood and waiting for a bounce.”
Unipcs, or ” the Bonk Guy, believes meme coin traders should not get shaken out.
Want to add ETHEREUM ETH to your portfolio? Discover the leading platforms for buying and selling ETHEREUM ETH on our exchange review page.
Murad is possibly the most famous meme coin trader on crypto X, and he is still decisively bullish, predicting a “generational bull run .”
He is extremely bullish on the meme coin SPX6900 and believes it will replace the S&P500 in the future, similarly to how Bitcoin can replace gold.
Thus, both Ethereum and meme coins have a similar sentiment. While traders and investors are disappointed in Ethereum’s long-term performance and meme coins’ short-term performance, they believe the top has not been reached yet.
Crypto Sentiment Summary
This was a very eventful week for crypto, starting with the announcement of a crypto reserve, followed by tariffs, and ending with a white house crypto summit.
The seesaw price movement liquidated both long and short traders.
Crypto market sentiment is still positive, with no loud voices of top calls yet. It remains to be seen if this will continue in the case of a decisive weekly Bitcoin close below $85,000, confirming the breakdown from the range.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
