Analyst: Insufficient evidence to support BTC bullish reversal

There is insufficient evidence to suggest that Bitcoin has entered a full-fledged bull market, according to an analysis by Mignolet, a CoinNess content creator and crypto analyst. In a post on X, he noted that price trends do not change easily and that there has not been enough accumulation observed within the sideways range that began in February to support a bullish trend reversal. Mignolet explained that the market inevitably goes through a process of psychologically shaking out investors, with repeating emotional cycles where some give up while others regain hope. He pointed out that this dynamic is particularly pronounced compared to the market structure before the launch of spot ETFs. Mignolet added that he still views the current structure as very difficult, suggesting the market will experience a strong shakeout until people completely give up, after which the true result will become clear. Ironically, the moment people regain confidence could be the very moment they are set up for major disappointment, he concluded.