The bull is back, why are there still so many people who don’t believe it? Because they are afraid from being deceived. It's just like the story of 'The Boy Who Cried Wolf'.
That wave of the bull market in 2021, when it rose to $69,000, the market sentiment was high, with all sorts of predictions of $100,000 and $1,000,000 coming out. What happened? It deeply retraced to $15,000, and how many people got wiped out?
In March of this year, when it rose to $73,000, the bull came again, with a lot of predictions of $100,000 and more, and what happened? It retraced to $49,000, trapping a large number of people.
Until the last few days, on the day of the US election, it shot straight up to $75,000. This time, most people no longer believe in any bulls; it doesn’t matter if Trump is in power or if the Federal Reserve cuts interest rates, nothing seems to work, they just don’t believe anything anymore, and some even think they can catch an opportunity to short during a deep retracement. What happened? The bull came like a thief, it really came.
So, in the current market, is the big bull really here, or is it just a deeper trap? This depends on the overall betting of traders around the world.
Who would have thought, on an ordinary weekend, it quietly shot up to $80,000? Most traders know there’s usually no market action on weekends, yet it just quietly climbed. This is one of the principles of buying when no one is paying attention and selling when the crowd is bustling.
So, does the current market sentiment count as bustling?