Bitcoin is holding near $80,000, but crowd enthusiasm has rarely been lower, according to Michael Sullivan, software engineer and author of Bitcoin Sentiment Weekly. In a video discussion, Sullivan said language-based sentiment data shows excitement, conviction, and desire washed out to levels he compares to 2015, a condition he views as consistent with the early stages of a disbelief rally.
Pullback from $86K
Sullivan addressed bitcoin’s pullback from $86,000 and whether the move represents a disbelief rally. He contrasted current sentiment with that of 2015 and 2022, and outlined how to tell when the bitcoin market is overheated.
Measuring Sentiment
The discussion covered how excitement, conviction, and desire are measured in bitcoin, and why those measures currently appear depleted. Sullivan also discussed investor psychology around buying near all-time highs versus dollar-cost averaging.
Narratives and Traditional Finance
Sullivan identified bitcoin and AI as a potential next bull run narrative, and discussed bitcoin and traditional finance growing together. He also explained why short-term bitcoin holders are frustrated and how AI’s deflation strengthens the case for bitcoin.
The views expressed are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or affiliated entities. This content is for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice.
