Analyst outlooks on five major cryptocurrencies including Bitcoin, Ether, BNB, XRP and Solana have broadly shifted from bearish to bullish since July, the data showed.

On Oct. 15, blockchain media outlet CoinPost reported that CryptoQuant analysed in a weekly market report that the change is similar to the early stage of the late-2022 to early-2023 bull market. It said the shift was faster than at the time and spread to more assets.

According to the report, the “30-day moving consensus” index, which shows the overall analyst view on Bitcoin, hit a low of -18.3 on July 2 and turned positive on July 27. About three weeks later, Bitcoin rose to $80,200. As of that day, the index stood at +49.2.

The share of analysts projecting a bullish outlook for Bitcoin rose to 84 percent at the time of the report from 37 percent on July 1. That meant 137 of 164 analysts issued bullish projections. CryptoQuant said it is difficult to explain the change solely as sample bias caused by a shift in the pool surveyed.

Even among the 85 analysts who offered views at both points, the bullish share jumped to 89 percent from 40 percent. While 47 shifted their stance from bearish to bullish, only 5 moved the other way. The current bullish ratio among analysts tracked since before July was also 87 percent, above 72 percent among 29 newly added analysts.

Compared with the previous cycle, the gap between shifts in outlook and price gains is clear. CryptoQuant said that in the 2022-2023 transition to a bull market, the Bitcoin consensus index climbed 36 points over 103 days and the price rose 65 percent. This time, over the same period the index rose about 67 points, but the price increase was about 33 percent from the July 2 low. The report interpreted this as analyst optimism spreading ahead of price gains more than before.

Altcoins also showed a turn to bullishness. Ether’s consensus index rose to +58.3 at the time of the report from +0.1 on July 1, and the bullish share climbed to 88 percent from 56 percent. Over the same period, Solana’s index increased to +72.0 from +29.6, with 91 percent of 34 respondents giving bullish views.

In the previous cycle, Ether’s index did not turn positive until after Dec. 23, 2022, and Solana’s index not until after March 1, 2023. Those points came about 1 month and 4 months after each cycle’s low, respectively.

XRP’s index fell to -8.0 on Aug. 20, when it hit a low of $0.99, before turning positive on Sept. 3. At the time of the report it stood at +36.7, and 15 of 19 analysts forecast bullishness. BNB’s index hit a low of -10.2 on July 22 before rising to +52.0, and 8 of 9 analysts expressed bullish views. CryptoQuant said XRP and BNB require caution in interpretation because the sample size is limited.

The analysis included a total of 974 analysts. They comprised 335 users on X, formerly Twitter, 206 CryptoQuant analysts, and 433 analysts on other platforms such as Substack. CryptoQuant said it used a large language model (LLM) to classify posts as bullish or bearish and manually rechecked cases where stances changed.

As market views have quickly turned more optimistic, whether those expectations will translate into actual price gains remains a key point to watch. With the same direction of shift confirmed not only in Bitcoin but also in Ether and Solana, it showed that the change in market sentiment is spreading across major tokens.