I am one to frequently check the Bull & Bear Index charts. I have been doing more so since September when Bitcoin started to demonstrate a new buoyancy. Since then Bitcoin has been in a consistent uptrend. The sentiment charts have more or less got it right up until now.
Take a look at where we were back in September. Bitcoin sentiment on augmento.ai recorded a 0.475 reading, with 0 being full on bear and 1 being in extreme bull territory.
Move on to October and Bitcoin sentiment has increased to 0.61, clearly showing movement in the right direction.
Now take a look at where we are right now.
Up until now the Bull & Bear Index chart with augmento.ai has forecast things pretty accurately given the movement we have witnessed from Bitcoin in the past two months, particularly in the past few days where Bitcoin has really broken out to new ATHs.
But as you can see from the latest Bitcoin sentiment chart the score is up but not by a huge amount, it's currently recording a reading of 0.634. So yes we're still moving in the right direction but we do not yet have full blown bull sentiment. I see a cautiousness within that graph reading.
This is interesting because as we know Bitcoin has performed incredibly well over the past few days and we have seen it flirting with $90,000. But at the moment Bitcoin has pulled back and is hovering around the $86,500 mark, perhaps it's done moving for now. The altcoins have barely moved at all and an alt season still eludes us.
We might just have to wait a little longer for a full bull run.
Peace!