A report recently published by fintech company Cindicator has revealed cryptocurrency investors take two months to adjust to a new trend on the market, as sentiment only adjusted two months after bitcoin started dropping.

The report, titled “Collective Crypto Mood Swings” saw Cindicator consult over 111,000 analysts for a nine-month period that started in September 2017. The firm’s analysts answered questions on the prices of various cryptocurrencies including BTC, ETH, ZEC, QTUM, XMR, DASH, BCH, and BNB.

From their answers, the fintech company found that in January and February the collective’s mood was still bullish, with most analyst believing bitcoin and other cryptocurrencies were going to keep growing. At the time, the market was entering a downward trend.

Later on, in March, the sentiment adjusted to bearish. According to CryptoCompare data bitcoin, the flagship cryptocurrency, saw its price drop from an all-time high in December near $20,000, to under $6,000 last month before recovering to $7,385 at press time.

Overall the cryptocurrency ecosystem went from a high of $835 billion to under $300 billion in a few months. It took cryptocurrency analysts about two months to adjust to the trend, a time period consistent with other classes, Cindicator noted. Its report reveals that “it takes 60-100 days to adapt to a new long-term trend.”

Regarding the gathered data and its uses, Cindicator’s co-founder and chief executive officer Mike Brusov stated:

Since September, the number of data points we generate every month has increased by over 30 times. While this data is useful on its own, the true value is in applying AI to enhance collective wisdom, leading to the creation of predictive analytics.

Mike Brusov

Regarding ethereum, the second-biggest cryptocurrency by market cap, the report noted the collective mood on it was “very divided in March,” when it lost nearly half its value in USD terms.  Increasing volatility, it claims, “leads to greater mood swings.”

Notably the report also addressed the 2018 Consensus conference. Various analysts believed the cryptocurrency ecosystem would turn around the bearish trend then, as Wall Street analyst Tom Lee revealed historically the flagship cryptocurrency surged as the conference’s attendance increased. This year Lee, a well-known bitcoin bull, revealed he expected “the Consensus rally to be even larger than past years.”

After the cryptocurrency failed to rise after the conference, Cindicator noted, sentiment became “slightly more pessimistic” as investors seemingly started losing hope. Some, however, are still bullish, as BitMEX CEO Arthur Hayes sees BTC hit $50,000 by the end of the year, while Lee has maintained his $25,000 price prediction during the bearish trend.