Bitcoin analyst Matthew Hyland described the mood as one of broad disbelief.
Bitcoin News
Bitcoin is trading at $77,377, up nearly 13% from roughly $68,000 at the start of April, according to CoinMarketCap. Despite the recovery, market analysts say the move has generated skepticism rather than confidence among most participants. Bitcoin analyst Matthew Hyland described the mood as one of broad disbelief.
"There does not seem to be much euphoria or interest; many just projecting it to fit their bias," Hyland wrote in an X post on Saturday. He added that persistent calls for lower prices during a rally are a classic signal that the market has not yet accepted the move as genuine. Hyland identified October 2026 as the point where most traders expect a deeper cycle low to form.
"It does appear to me the larger expected consensus outcome for Bitcoin is another leg lower by October," Hyland wrote. That view comes despite Bitcoin already having dropped to $60,000 in early February, a decline of nearly 53% from its October 2025 all-time high of around $126,100. Many participants appear to believe further downside is still ahead before any durable bottom takes shape.
Veteran trader Peter Brandt shared a similar timeline in an X post Thursday. He said Bitcoin may form "an investable low" in September or October, without necessarily breaking below the February level. Brandt also projected a long-term price range of $300,000 to $500,000 by September or October 2029.
MN Trading Capital founder Michaël van de Poppe took a more constructive position in an X post Friday. "I think that if we clearly break $86K in the coming months, there's a serious chance that the low is in," van de Poppe said. He added that he already leans toward the low being in place, with a higher degree of probability than the market currently assigns to that outcome.
Crypto sentiment platform Santiment offered a different framing. "True market bottoms rarely occur when the crowd is confidently calling the low," Santiment said. The platform noted that bottoms typically form when the prevailing view is that prices will continue falling, not when participants are actively positioning for a specific trough.
The gap between analysts calling for a recovery and those expecting a deeper Bitcoin correction reflects a market where price and sentiment remain out of sync. A sustained break above $86,000 may be the clearest near-term signal that the April rally is more than a temporary BTC bounce.
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