Well, the answer may be quite simple. Many have looked to the “Wall Street Cheat Sheet – Psychology of a Market Cycle” for an answer.
The chart dictates that following capitulation, recently exemplified when Crypto Yoda left the space, markets enter a stage of anger, desperation/depression, and then disbelief.
Market Continues To Trade Flat
The team at Pantera Capital put this underlying market theme best in a recent letter. Per previous reports from Ethereum World News, the blockchain-centric venture group stated:
We have been surprised to see how far prices have deviated from the underlying fundamentals - which are stronger now than ever.
But why are prices barely moving, in spite of the news?
Pundits claim that we are in the later phase, as many are sure that lower lows are inbound, and that the development of the crypto industry in recent weeks is just white noise, so to speak. The Crypto Dog, a prominent Bitcoin trader, touched on this himself recently, noting that while sentiment is more bullish than bearish, a fleeting feeling of an impending collapse still sits at the back of his mind – a likely sign of a market phase of “disbelief.”