Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s.<\/p>\n
Despite this, sentiment has been rather bearish, with a confluence of prominent technical analysts recently remarking that they expect for the price of Bitcoin to tumble by 20%<\/a> over the next few weeks.<\/p>\n Hodlonaut, a prominent Bitcoin proponent and commentator, noted, though, that the sentiment backdrop is the perfect place, by traditional BTC standards, to “start a rip your face off rally.”<\/p>\n The kind of sentiment doldrums we are in now<\/p>\n People seemingly accepting that 7k is fair value<\/p>\n Dozens of bull narratives proven wrong<\/p>\n Fatigue high, hype low<\/p>\n Is exactly the type of place where it would be trademark Bitcoin character to start a rip your face off rally<\/p>\n — hodlonaut 80 IQ 13%er \ud83c\udf2e\u26a1\ud83d\udd11 \ud83d\udc1d (@hodlonaut) December 28, 2019<\/a><\/p><\/blockquote>\n\n