CryptoQuant reports that analyst sentiment on Bitcoin has swung from bearish to bullish since early July. The company says sentiment has moved further ahead of price than it did at the start of the 2023 bull market.
CryptoQuant's 30-day Analyst Consensus Index for Bitcoin now stands at +49.2, according to its latest report shared with CryptoPotato. The company believes the pattern closely resembles the early stages of the previous major bull cycle.
Index climbs from -18.3 to +49.2
The index bottomed at -18.3 on July 2, when BTC's price had tumbled to under $58,000. It climbed above 0 on July 27, when the cryptocurrency was still trading around $63,800, a few weeks before bitcoin moved toward $80,000 in late August.
The share of bullish analysts rose from under 40% to almost 85%, which CryptoQuant says represents 137 of 164 voters. The shift also appears to be more than an influx of new commentators: 47 analysts flipped from bearish to bullish among 85 who held a BTC call both at the start of July and now, while only five moved the other way.
Sentiment outpaces the 2023 turn
CryptoQuant compared the current environment with the start of the previous major cycle. In 2022-2023, the consensus index rose by 36 points over 103 days while the asset gained roughly 65%. Over the same period this time, sentiment has soared by 67 points.
The company said the move across BTC, ETH, BNB, XRP and SOL has been "deeper, faster, and broader" than the late 2022 to early 2023 turn. CryptoQuant concluded that analysts have moved further ahead of BTC's price than they did at the start of the 2023 bull market.
Large bitcoin holders recently began reaccumulating sizeable portions of the asset after months of selling. CryptoQuant's Bull Score Index also jumped from 20 in July to as high as 90 in September.
Ether and Solana readings run higher
Ethereum's consensus index has climbed from +0.1 to +58.3, with 88% of analysts turning bullish. Solana has the strongest reading of the five assets examined at +72, with 31 out of 34 analysts (91%) betting on the bulls.
Source: CryptoPotato
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