Another Sentiment Extreme: Another Sell Pressure that leads to Questions - Will it Bull or it has already ?

Another major sentiment happened after that of January 3rd. This particular sentiment in the market wasn't as worse as other sentiments that has ever occurred. The market was vibrating on the 3rd of July. Why the 3rd of months people ask? The fear was just on the high. It all started when bitcoin dropped from $65k to $53k. Just imagine having a portfolio of $50k drop to $7k.

The market was extremely red after some months and not only bitcoin dropped but other assets like BNB, ETH, people etc**. All those newbies in the crypto ecosystem already concluded from this that crypto is a scam and can't be trusted. The following are sentiments of many in the market that day. Can you imagine Steem? Steem $0.2 drop to $0.14 after a long while. There was serious fear of holding steem tokens by some steemians as they feel it may drop even more.

These are the major sentiments in the market that day. Events like this make people to make decisions that are hasty and bad. They assume crypto is not for the weak and worst of all is being gripped by the sentiments that The bull has already happened and won't happen again and that the bear has set it. Some crypto experts told people to sell off their assets even with the losses incurred that bitcoin will drop further to $39k.

I made a screenshot of someone who was trying to insinuate that history was just repeating itself and that is how months following the bitcoin halving year usually behave. This drop made people really go far into research as never before. They dug out history forcefully. Analysis were made and some even concluded that market doesn't work by these predictive analysis.

Others sold off their assets without delay when though they were in losses. They fear of their assets dropping to zero is the reason why they choose to sell without hesitation. No one is willing to take such chances again. These are the sentiments of people who sold of their assets because of the drop. Guess what, let's go back to history of last bitcoin halving to see if history is repeating itself.

From the drop that happened, a lot of people went into research and dug history. From my research, I discovered that history is repeating itself in these months following the bitcoin halving that happened 20th of April, 2024. Last bitcoin halving year, a major drop was observed in the crypto market on the 3rd of July, 2021. Bitcoin dropped from $41k to $28k. A lot of sentiments was in the market and majority sold off their assets while others were being patient and kept holding until they are in profit.

This drop as reflected in this chart using the 1 day timeframe shows when the drop happened and the date shown below. Now what happened afterwards. That same month being 14th-30th July, 2021, bitcoin recovered its losses and moved from $29k to $50k which is roughly $30k. Now let's check what happened on the 3rd of July, 2024.

On the 3rd of July, 2024, there was a major drop in the market causing a lot of sentiments and sell pressure in the market. What happened last time did happen some days back. Bitcoin dropped from $71k to $53k. This drop was clearly seen and not only bitcoin fell. All altcoin had a drop with minor and major percentages.

Now if the market is to repeat what history did, we'll be expecting a pump or recovery phase by bitcoin and some altcoins and meme coins because last bitcoin halving on the 30th of July, bitcoin surged. So we can expect a pump in the market if the market conditions will follow past movements.

Another thing that caused the drop is that some Germans whales sold large number of bitcoin from the market which contributed to the dump in the market followed by some market conditions and influences of whales.

This was a debilitating issue in the market as people said the bull run has already come while some said it's yet to come. There's a topic in the crypto space called the market cycle. The crypto market moves in a cycle and this cycle has never been altered. The bitcoin halving usually last for a year plus and there's always a high higher than the high of the last bull run..

If we are to check the price of Steem and other assets, we'll see that the price of Steem last bull run reached a dollar which was #500 naira then. The highest high steem has done now is $0.34 which is not even close to the highest high it has done. That asides, things usually seen in a bull year isn't observed literally now meaning the bull is still on its way. From history after the bitcoin halving, the bull usually set in ending of that year and then takes off .

Now is even the perfect time to buy some assets and keep because they'll be some corrections done in the market soonest and those who hold some portfolios bought now would benefit greatly. The market can be very much unpredictable.. This is sure and sometimes what is analyzed doesn't play out well or turn out to be so because of market dominance.

So if you're a newbie, in the crypto space and you're having doubts about the bull run coming, I'll advise you to do further research and avoid sentiments. To those on steemit who has seen the drop, don't panic. They'll be a recovery phase and one thing I know about this bull run this year is that it's going to be spectacular.

Let's keep our fingers crossed as we see the market. This is just a financial advise and not an obligation. The decision is the market is yours. Just don't panic and be patient and also do your research otherwise, you'll make the greatest decision of your life.

All pictures and screenshots are from my binance account

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have