📈【Bitcoin price is at a key psychological turning point, how does market sentiment affect future trends? 】

BlockBeats news, on October 9, Cryptoquant analysts released a latest report, pointing out that Bitcoin's current price is at a key psychological turning point. This price range is between optimism and pessimism, and the sentiment of market participants is also divided. As long as Bitcoin remains in this range, the possibility of a sharp decline in the market is unlikely.

**The importance of staying optimistic**

According to historical data, maintaining stability in key areas is crucial to the continuation of the bull market. Specifically, the "profitable supply" indicator reflects the sentiment of investors during profitable periods. When a large part of the supply is profitable, market optimism tends to rise. Currently, the price of Bitcoin is testing this optimistic area.

**Review of previous periods**

In past market cycles, such as the bull markets in 2016 and 2020, Bitcoin has been between psychological turning points and optimistic areas, leading to continued price increases. When these lines persist, the market enters a strong uptrend. This suggests that similar trends may occur if optimism is maintained under current conditions.

**Expectations of a sharp drop weaken**

Given the current price action and supply indicators, as long as Bitcoin remains within this range, the likelihood of a sharp price drop is low. A break below this range could turn market sentiment to pessimism, leading to a price drop. However, until such a breakdown occurs, the market is likely to remain optimistic.

**Conclusion**

The price of Bitcoin is at an important psychological level. Historically, when prices remain within this range, the market continues to trend upward. In order to maintain a bull market, it is crucial to maintain optimism. If this area is retained, it will increase investor confidence in future price increases.

What do you think of Bitcoin's current price action? How do you think market sentiment will affect future price changes? Welcome to share your thoughts and insights in the comment section! 💬