AllianceDAO Co-founder: Bitcoin Bear Market Needs No "Scapegoat", Price Is Driven More by Market Sentiment

According to Odaily, AllianceDAO co-founder qw stated on social media that over the past few months, the market has continuously sought "scapegoats" for the bitcoin bear market, including factors such as Jane Street, the threat of quantum computing, and sell-offs in the software sector.

He believes that bitcoin is not an asset anchored by cash flow, and its price fluctuations are more driven by market sentiment and technical patterns. Essentially, it reflects changes in investor psychology rather than being caused by a single external event.