Bitcoin price continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. The bearish sentiment across the space is among the most prominent in years — potentially more bearish than the 2018 bear market. Here is why the recent correction has felt far more painful than even Black Thursday, despite BTCUSD trading at roughly the same price as one year ago. Bearish Bitcoin Sentiment Could Be Blind To Bull Market You might not know it by the current price action, sentiment, or even economic backdrop, but there is a strong chance that Bitcoin is still in a bull market. The ongoing sideways consolidation phase could ultimately result in another, unexpected thrust upward, according to Bitcoin market structure mimicking an Elliott Wave Theory motive wave. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season A motive wave is five waves in total, with three of those waves moving in the direction of the primary trend. Two waves move in the opposite direction of the primary trend — the same direction as the bear market. Up and down waves alternate, and the characteristics of each wave also alternate between sharp and sideways. Up-waves are called impulses and also move in the same five-wave pattern. Corrective phases are typically in an ABC pattern. The final wave of wave V of wave 5 | Source: BTCUSD on TradingView.com Bitcoin price very clea...
