Written by Ciaran Lyons, Staff Writer. Reviewed by Felix Ng, Staff Editor. Bitcoin may be in disbelief rally as calls for further downside persist: Analyst
Bitcoin is showing little “euphoria or interest” despite its recent gains, which may be a sign of disbelief among market participants, according to Bitcoin analyst Matthew Hyland.
Bitcoin holders don’t appear to be showing much excitement despite the asset's price trading 13% higher than at the start of April, which could point to broader market disbelief, according to Bitcoin analyst Matthew Hyland.
“There does not seem to be much euphoria or interest; many just projecting it to fit their bias,” Hyland said in an X post on Saturday.
Bitcoin consensus points to “another leg lower” by October
“It does appear to me the larger expected consensus outcome for BTC is another leg lower by October,” Hyland said.
Despite Bitcoin (BTC) falling to $60,000 in early February, nearly 53% below its October 2025 all-time high of $126,100, market participants still broadly expect a cycle bottom to form in October 2026.
Bitcoin is up 12.22% over the past 30 days. Source: CoinMarketCap
Veteran trader Peter Brandt said in an X post on Thursday that Bitcoin may form “an investable low” in September or October. He added that this potential low may or may not break below the February 2026 level, while also projecting a long-term price range of $300,000 to $500,000 by September–October 2029.
Hyland said, “the calls for lower whilst price rallies is a sign of disbelief.”
Bitcoin is trading at $77,377 at the time of publication, up nearly 13% from around $68,000 on April 1, according to CoinMarketCap.
MN Trading Capital founder Michael van de Poppe said on Friday that there is no reason to doubt the continuation of Bitcoin’s current rally.
Market bottoms don’t form when everyone expects them
“I think that if we clearly break $86K in the coming months, there's a serious chance that the low is in. I already expect the low to be in with a larger percentage,” Poppe said in an X post.
However, crypto sentiment platform Santiment said that “true market bottoms rarely occur when the crowd is confidently calling the low.”
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“They typically form when the consensus is that prices are headed much lower,” Santiment said.
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