Bitcoin Discussion Rates Have Settled Down... Which is GOOD?
🥳 Historically, a high ratio of crowd discussions toward #Bitcoin is a sign of fear. However, since mid-2023, the euphoria & optimism surrounding the #ETF's has flipped high $BTC discussions into a greed indicator due to (arguably) unrealistic expectations for markets.
3 weeks since the #SEC approved the #BitcoinETF's, it appears that this indicator has finally normalized. High #altcoin discussions may push the ratio of $BTC discussions into a #bearish "unhealthy" area if they outperform the #1 market cap asset during this first week of February.
Unlike the last two Bitcoin social dominance spikes that foreshadowed predictable tops, a negative spike means the asset is being ignored once again in favor of the crowd greedily over-leveraging portfolios toward #alts once again.
Check out the Bitcoin Social Dominance health line chart here, where high BTC spikes should revert back to indicating fear (which is bullish), and low spikes indicate greed (which is bearish)!
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