IncomeSharks, a Twitter user, has expressed his thoughts on the current cryptocurrency market situation. IncomeSharks joins other analysts in attempting to forecast how the next phase of Bitcoin price development will unfold. The bears in the Bitcoin market are currently in the “Denial Stage,” according to the handler of the Twitter account. He implied that the current price rally is a bull trap and a manipulation, predicting a panic stage.

IncomeShark’s tweet was accompanied by a pictorial illustration created with a Wall Street Cheat Sheet analysis sheet.

Bears are in the stage of denial. “It’s all a ruse,” says one. I’m looking forward to the Panic section… pic.twitter.com/Lo6nWyZPD2

January 22, 2023 — IncomeSharks (@IncomeSharks)
The tweet’s Wall Street cheat sheet highlighted the various psychological stages of the market cycle. It exemplifies the human tendency to react in predictable ways when the price of a given asset changes. The analysis tool used the emotional aspect of traders’ behavior to predict the dominant state of mind under various market conditions.

According to IncomeShark, the current Bitcoin rally is merely a brief surge that will not last long. The account handler predicts that the Bitcoin price will continue to fall and consolidate. If this interpretation is correct, the predicted drop will be followed by a sideways movement before a bottom forms ahead of a sustainable bull run.

Individual interpretations of the Wall Street cheat sheet and its relationship to market price exist. Domokos Csaba, one of IncomeShark’s respondents, had a different take on the current market situation. Csaba thinks that the panic stage has already been exhausted and the market is one stage ahead, the “Anger Stage”. According to Csaba, the market is closer to a long-term bull run than IncomeShark believes.

So far, Bitcoin’s recent rally has elicited a variety of reactions. Many investors are wary of making costly market entries because they do not want to miss out on a sustained price rally. Even CZ, the CEO of Binance, has advised investors to exercise caution when trading in the market.