The crypto market is no longer following its usual patterns, leaving traders perplexed.

Pseudonymous crypto trader Sykodelic stated in a Feb. 4 post on X that the market is behaving unpredictably. “The market is completely broken,” they said, pointing out that despite pro-crypto moves from the U.S. government and former President Donald Trump, prices continue to retrace.

“It has lost all sense of logic… This is incredibly confusing for nearly every investor.”

Another crypto trader, The Bitcoin Therapist, also expressed concerns in a Feb. 4 post, claiming that Bitcoin’s current pricing is severely off.

“We are at least $50K – $100K undervalued. There are far too many bullish factors. A violent repricing is inevitable,” they stated.

Adding to the uncertainty, the Crypto Fear & Greed Index, which gauges overall market sentiment, plummeted to a “Neutral” level of 54 on Feb. 5. This marked an 18-point drop from the previous day’s “Greed” score of 72.

Back in late 2024, analysts widely predicted that Bitcoin’s dominance would peak in early 2025 following Trump’s potential election victory, sparking speculation that the U.S. might adopt Bitcoin as a reserve asset. Many believed this would lead to capital flowing into the altcoin market, marking the beginning of an “altcoin season.”

However, current market conditions defy those expectations. Bitcoin’s dominance now stands at 61.47%, surpassing crypto analyst Benjamin Cowen’s August prediction that it would top out at 60% before an altcoin rally would begin.