Lowest Sentiment Ever

We are currently breaking all sorts of records in the crypto space. Most weekly closes in the red for Bitcoin. Lowest overall sentiment as measured by popular indicators. Highest decrease in TVL across all chains.

In addition, today we saw an example of decoupling from the traditional stock market. Unfortunately, this was in a negative way: as all major stock market indexes like the S&P and NASDAQ were pumping and up several percent, while at the same time even “blue chip” altcoins (including Ethereum) were down by 10% or more.

I remember the start of 2022, when negative sentiment against the crypto market was commonly regarded as FUD, and not to be believed. Yet, objectively, all of the negative and bearish opinions on the prices of crypto were right. Ever since the start of the year, Bitcoin is down over 60% and most small altcoins are down between 70-95%.

Bitcoin went below 30k just like all of the “FUD haters” and “paper hands” were saying. The charts are currently showing no signs of any sort of reversal, or even brief bear market rally. Anyone with knowledge of technical analysis would be lying if they told you anything bullish about the current charts.

With even more negative news on the way, such as: the obvious inflation and interest hikes, supply chains in ruins, and the world economy in chaos…along with strict regulations on the way from all major governments, it’s hard to see a light at the end of the tunnel.

It’s starting to look as though this bear market could see us hitting lower lows than we could’ve imagined, and lasting for a long time. I say this all hoping that I’m dead wrong, and that there is hope ahead for us all.