Opinion: The primary factor influencing Bitcoin prices is technical analysis, and investors should patiently wait for the market to fully capitulate.

GateUser-6433627c · 2026-02-26T11:29:03+00:00

During the Bitcoin bear market, Qiao Wang pointed out that investors look for various scapegoats, but Bitcoin prices are mainly driven by technical analysis and collective psychology. He believes that a shift in market sentiment will lead to a trend reversal without the need for external catalysts.

GateUser-6433627c

2026-02-26 11:29:03

Abstract generation in progress

On February 26, Alliance co-founder Qiao Wang posted on social media stating that investors spent months looking for scapegoats for the Bitcoin bear market, including Jane Street, quantum computing, software stock sell-offs… and so on. But ultimately, Bitcoin is an asset without cash flow backing, so its price behavior is primarily driven by… technical analysis. And the essence of technical analysis is crowd psychology. Those who believe in the four-year cycle are more numerous than those who believe in the five-year cycle. Once the trend is broken, people start taking profits or cutting losses and exiting. That’s all. Most other explanations are more about correlation than causation. Now, we just need to patiently wait for market psychology to completely surrender and for the trend to reverse. This doesn’t necessarily require an external catalyst.

BTC-3.54%

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