Bitcoin Analysts Are More Bullish Now Than at the Start of the 2023 Bull Market: CryptoQuant

Is being too bullish actually good for the crypto market? Bitcoin’s recovery since the summer lows has been accompanied by an unusually sharp shift in analyst sentiment, and CryptoQuant believes the pattern closely resembles the early stages of the previous major bull cycle. In its latest report shared with CryptoPotato, the company found that sentiment across BTC, ETH, BNB, XRP, and SOL has shifted from bearish to bullish since early July. More importantly, CQ said the move has been “deeper, faster, and broader” than the turn witnessed between late 2022 and early 2023. Analysts Turn Bullish CryptoQuant’s 30-day Analyst Consensus Index bottomed at -18.3 on July 2, when BTC’s price had tumbled to under $58,000, and climbed above 0 on July 27, when the cryptocurrency was still trading around $63,800. This dramatic increase came just a few weeks before bitcoin skyrocketed toward $80,000 in late August. The index now stands at +49.2, while the share of bullish analysts going viral has rocketed from under 40% to almost 85%. CQ said this represented 137 of 164 voters. The shift also appears to be more than an influx of new bullish commentators, as 47 analysts flipped from bearish to bull...