Analyst: Bitcoin investor sentiment is shifting from the "hesitation zone" to the "disappointment zone"

2026-01-20 03:59:52

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Deep Tide TechFlow News, January 20 — According to on-chain data analyst Murphy, Bitcoin investor sentiment is shifting from the “Hesitation Zone” to the “Disappointment Zone.” Murphy pointed out that Bitcoin price cycles typically go through four emotional stages: Optimism, Profit-taking, Hesitation, and Disappointment. Current market indicators show that investor sentiment is transitioning from the third stage (Hesitation Zone) to the fourth stage (Disappointment Zone).

The analyst stated that between October and December 2025, whale groups holding 100-1000 BTC actively increased their holdings, followed by whale groups holding 1000-10000 BTC continuing to add. However, large whales have now stopped accumulating, with some even beginning to reduce their holdings, indicating a lack of investor confidence. The analysis suggests that the market needs a prolonged period of recovery or lower prices to attract demand and establish a new bottom consensus.

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