Where are we? Anxiety? Denial?

This chart has proven helpful during past cycles to determine where we are. It is easier to gauge sentiment and placing a psychological state on the market as opposed to trying to call bottoms in terms of price or using technical analysis type of stuff. Thoughts? I'd say we are between Anxiety and Denial with Capitulation probably a few months away. I do think we will see a capitulation event with big holders forced to sell (probably some publicly traded miners, maybe El Salvador) and that will be the point where we want to think about accumulation.

https://cloudfront-us-east-1.images.arcpublishing.com/coindesk/2O5CHAQASFGP5KPZ6FOJJRXRCI.png

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https://preview.redd.it/w49j1fdt6bz81.png?1200&format=png&auto=webp&s=2399381801d052b63386bc0483e33556d052df19