Peak Apathy
Nobody cares about Bitcoin right now...and you just love to see it.
G’day Folks,
Today I have a very special treat for readers (and for myself as well).
I have been following the recent work by Michael Sullivan who has been analysing the mood swings that Bitcoiners are experiencing based on the content and tone of social media posts.
The parallels to the behaviour patterns we see on-chain are striking.
The Bitcoin market is currently in a trough of absolute, and extreme apathy, with people giving up on it in droves.
This is exactly the kind of gutter-grade sentiment I see as a signal we’re within the period of maximum opportunity of this bear market.
I have often said that I love watching the prevailing narratives on Twitter NOT playing out in the underlying market data. In this instance, we can see how sentiment swings with every red and green candle, whilst the underlying market mechanics move in the opposite direction.
This article will leverage the sentiment work Michael has done, and I will then demonstrate how these mood swings compare to what’s actually happening under the market hood.
A huge thanks to Michael for providing a set of charts, and his interpretation of them, which I have then built my analysis ontop of.
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