Bitcoin hasn’t been acting like a market that’s casually heading into new all-time highs. The price movements in BTC are following a well-trodden path for traders, the moment when the initial sparkle fades a little, nerves get a bit frayed, and the mood changes before most people are aware of it.
That’s exactly what The Great Martis is getting at in his latest post. He tied Bitcoin’s current setup to the classic psychology cycle chart, the same one that shows how every big bubble ends. And the takeaway is pretty uncomfortable: the euphoric phase might already be in the rearview mirror.
What you'll learn 👉
The BTC Chart Shows the Emotional Pattern Markets Always Follow
This psychology cycle chart is basically a timeline of human behavior. It starts with disbelief and quiet accumulation, then moves into optimism, enthusiasm, and eventually full-blown euphoria.
That euphoric stage is where the BTC price feels unstoppable. Nobody cares about risk. Leverage piles in. Every dip looks like free money.
But then the curve starts bending the other way. Overconfidence turns into anxiety. Anxiety turns into denial. And once panic replaces hope, things get ugly fast.
The BTC price action laid over this curve makes it look like Bitcoin already had its high-energy moment and is now sliding into that emotional hangover phase.
Bitcoin Doesn’t Look Like a Breakout Market Right Now
The big thing that stands out is this: Bitcoin isn’t trading like a clean breakout anymore. Instead of ripping higher, it’s chopping around, struggling to hold strength, and starting to roll over in a way that feels more like distribution than expansion.
That’s usually the stage where bigger players sell into strength, and late buyers keep telling themselves the next leg up is coming any day now.
Martis calls out the “hopefools” still clinging to endless upside narratives, and his point is blunt but familiar: markets don’t reward denial forever. Once the BTC price loses that euphoria bid, the next phase gets emotionally rough.
What Comes After Euphoria Usually Isn’t Pretty
The scary part is that the breakdown never feels real at first, denial is always the soft landing, people convince themselves it’s just a dip. Then anxiety creeps in. Then fear hits. Then you get the kind of flush that forces capitulation, the moment where weak hands get wiped and only the battle-tested remain.
That doesn’t mean Bitcoin is guaranteed to collapse tomorrow. But it does mean the psychological tone has shifted. The BTC price is no longer trading in the “everyone wins” part of the cycle. It’s trading in the part where discipline matters more than hype.
Read Also: Is a Bitcoin Crash to $40K Next? Analyst Reveals Critical BTC Warning
The Cycle Keeps Repeating, Just With New Faces
Martis isn’t making some technical call. He’s making a psychological one. Bitcoin has followed this script before, and the chart is a reminder that euphoria never lasts.
The BTC price can still bounce. It can still surprise people. But the market mood isn’t pure greed anymore. So the real question now is simple: Is this just anxiety or the beginning of the real unwind?
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