Bitcoin's recovery from summer lows has prompted a sharp shift in analyst sentiment that exceeds the pace observed during the early 2023 bull market, according to analysis by CryptoQuant.
CryptoQuant's 30-day Analyst Consensus Index bottomed at -18.3 on July 2, when Bitcoin traded below $58,000, and climbed above 0 by July 27 at around $63,800. The index now stands at +49.2, with bullish analysts rising from under 40% to almost 85% of surveyed participants—representing 137 of 164 voters.
The sentiment shift reflects substantial conviction changes among analysts. Among 85 analysts who held positions at both the start of July and the present, 47 moved from bearish to bullish while only 5 shifted in the opposite direction.
Comparing the current environment to the 2022-2023 cycle reveals notable differences. In the previous cycle, the consensus index rose 36 points over 103 days while Bitcoin gained roughly 65%. This time, sentiment has increased 67 points over the same period despite a more modest 33-point price gain from the July lows, indicating analysts have moved further ahead of price movement.
Ethereum's consensus index has climbed from +0.1 to +58.3, with 88% of analysts turning bullish. Solana shows the strongest reading among five examined assets at +72, with 91% of analysts bullish. This marks a departure from the previous cycle, when Ethereum and Solana lagged Bitcoin's sentiment recovery.
Ripple's XRP experienced a dramatic reversal after falling to a multi-year low of $0.99 on August 20, when its consensus index reached -8.0. The index subsequently rebounded to +36.7 as the token's price recovered to over $1.50.
