Bitcoin Investors Still Not Bullish Enough, Says Researcher – What’s Wrong With Them?

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In the dim glow of the final quarter of 2025, the Bitcoin spectacle unfolds like some tragic comedy. The crypto crowd, ever the jesters, fret over the dance of numbers-an ominous waltz toward the red, and what do they do? Hold fast, clutching at straws, as if their fortunes depended on it. Meanwhile, the cryptocurrency itself, that fickle beast, teeters on the edge of a victory or a catastrophe, perhaps both at once. 🤡

Just last week, the coin did something unexpected: it rallied, as if waking from a long, bitter nap, reclaiming the mighty $90,000 support level. An expert, whose fame might be exaggerated, claims the market performance is better than the charts-they always say that, don’t they? Perhaps they believe Bitcoin is more than just a glorified rollercoaster that occasionally dips into a deep hole. 🎢

What Has BTC Priced In Already? That’s a Good Question.

On some platform called X (or as the Young Folks say, Twitter), Andre Dragosch, head of research at Bitwise Europe, dusted off his crystal ball and gave us the scoop. According to him, the current price reflects a global gloom so profound it could make Dickens cry.

He claims that Bitcoin has already priced in the gloomiest outlook since 2022-remember those Federal Reserve tightenings and the FTX fiasco? And let’s not forget 2020, when COVID turned everything upside down. Ah, nostalgia! 🎭

Using some fancy macro surveys, Dragosch discerned that Bitcoin is basically betting on a recession. Yes, a recession, the guest that nobody invites but always shows up unannounced. He insists that the macro sentiment-like a bad joke-is the driver of asset prices. Makes one wonder, is it really all just a game of optimism or pessimism? Or is it both, rolled into a cosmic ball of confusion? 🤔

Personally, I tend to be a macro contrarian because Bitcoin can both under- and overshoot the prevailing macro outlook. Pricing of any asset is essentially macro sentiment. This is also where most of the alpha is made, in my view.

Dragosch cheekily notes that the last time macro gloom was this thick, Bitcoin took a nosedive and then swooped back like a whiplash, six times over. The current scene? A “coiled spring,” ready to burst-like some giant rubber band waiting for a chatty kid to let go. And he, with a straight face, declares that the investors aren’t nearly bullish enough. Well, that’s a relief-to someone, at least. 😅

Bitcoin Price in a Nutshell

As of now, the coin rests comfortably at about $90,880-no big changes, just another day in paradise, or perhaps perdition. And still, the drama continues. ⏳

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2025-11-29 20:50