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Joe Burnett observes that sentiment among experienced Bitcoin participants is turning increasingly negative, with some even expecting annual appreciation of less than 8%.
He suggests this cautious outlook, coupled with concerns over fulfilling dividend obligations for digital credit and money, could indicate that the market is nearing a bottom.
Burnett previously noted that bitcoin is now trading below its all-time high from five years ago, a pattern last seen in 2022, according to a past article. He has also highlighted that sentiment has remained weak despite bitcoin reaching a record high about eight months ago, as reported in recent coverage. Market participants have pointed to typical price volatility against this backdrop.