#onchain #sentimental #analysis
#BTC #bearish
Exchange depositing tx's reaching 4 year lows, volatility dying off, too...
This has not happened in Bitcoin before. The previous cycle's bottom, for instance, only needed about 450 days low of exchange depositing transactions reached for the volatility to completely die off prior to that nasty Nov '18 capitulation into the subsequent accumulation phase of Q1 2019.
If last cycle is to be of any guide, then currently dying off volatility as well as sinking retail interest (judging primarily by the 4 year lows in exchange depositing transactions), then we could have up to, say a month, of this consolidating "quiet before the storm" still ahead of us before the final capitulation comes.
Alternative interpretation, of course, is that since it's the first time the sentiment is so bad, it has to be confirming that the bottom is in. Could it be? Yeah, but we'd need some buyers to start stepping in pronto for this to happen.
