How can you predict Bulls and Bears beforehand?

Staying up to date with the news is the key!

Yes, you read it correctly, keeping track of the news related to a particular cryptocurrency and its parent organisation is a very important factor in anticipating if there might be a bullish or a bearish trend in the market. Not only that but also being aware of the cryptocurrencies that are being talked of in the social spaces, plays a major role.

Instances where the market got influenced because of some influential person.

Cardano’s ADA skyrocketed for the first time in the month of May, 2021 when the Tesla CEO, announced that the company shall no longer be accepting Bitcoins because of the hefty toll it takes on the environment when new Bitcoins are mined. The crypto market as a whole came crashing down afterwards and is recovering still, but this also made the investors invest in more environment friendly coins like ADA. This made the coin’s value to skyrocket, which is in compliance with the simple demand and supply principle.

Instance where the market was affected after some announcement.

ADA had caught the eye of the investors in the month of May, 2021 itself because of its environment friendly nature. To top that off, in August it was revealed by Cardano that they shall be launching their smart contracts, the Alonzo Hard Fork, followed by the date when it shall take effect. This chain of events has made ADA grow by more than 1400%. Such announcements regarding technical upgrades result in a bullish trend due obvious reasons like confidence on the platform, more security and better trade due to incorporation of better infrastructure.

So we gather that

  1. If the mentions are in a derogatory sense which is his another tweet regarding the negative environmental impact of Bitcoins, it made the entire crypto market go down crashing, and hence a bearish trend.
  2. One must keep a look out for announcements regarding promising technical upgrades and “hard forks” as they result in a bullish trend in the respective cryptocurrency’s trade.
  3. Any sort of bad press, that is news regarding lawsuits, or any legal proceedings usually bring down the market as the trust of the masses go down, hence a bearish trend.

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