The market has been consolidating at this level, and there’s now a serious split between technical analysts and fundamental analysts. The technical side is mostly bearish, since moving averages, structural theories, and the 4-year cycle theory have basically invalidated bullish expectations for this cycle. On the other hand, the fundamental side remains mostly bullish, believing that loose policies, a favorable monetary environment, and growing mainstream acceptance mean crypto will only get better.

Neither side is wrong; they’re just looking at different timeframes. Technical analysts focus on the short term—if the market bounces back, they’ll quickly turn bullish. Those holding a lot of USDT are currently potential bulls for the airdrop (they can buy at any time), while those holding a lot of tokens are current bulls but also potential bears (they can sell at any time).