The Bear Is Nearly Slain

Gm friends, and welcome back to another edition of Syko Therapy.

Everything continues to play out as expected within our longer consolidation bottom period, moving exactly in line with a mid cycle correction. Over the last couple of months things have really turned bearish sentiment wise and from my perspective, as someone with a decent following on X, I feel as if the market has reached a state where people genuinely do not believe it can go up again.

I shared a tweet yesterday with a trade setup for $ETH that had the target as $3,475. This is nowhere near Ethereums ATH, yet I had many comments totally scoffing at this as if it was an utterly ridiculous thing to see. And this is what bear cycles do, they break people down into a place where they can’t actually remember that markets do, and will, go up. And go up hard.

This kind of sentiment is indicative of the late stage bear cycle, and it ultimately leads to Bitcoin and the wider market “climbing the wall of worry”. This is where the market has flipped bullish, but the majority still feel very bearish. They therefore expect every single pump to be fake, because for the last few months every pump has been sold off. However, the market keeps climbing and the investors keep worrying and staying sidelined, until we end up 50% off of the lows and people finally start to realise that maybe this isn’t a fake pump. At that stage people begin to FOMO back in, however, we are already 50% up and they end up buying the local high.

This is how investing goes for most people and it is why you should almost always ignore the mass consensus. At the bottom, the majority cannot ever see prices going higher again, because every pump has been sold off for so long. When we reach the top, the majority wont be able to see lower, because every dump has been bought back for so long. Such are the extremities of the market within late stage bulls and late stage bears.

I believe we are nicely within the late stage bear, even now already into the early stage bull. And today I will be going over, as usual, key technicals and data to see exactly where we are and what we can expect next.

Let’s get into it!