The chart shows the relationship between Bitcoin (BTC) miner sentiment and BTC price volatility.

🔍 Key observations:

Red boxes indicate when miner sentiment turns strongly negative, followed by significant BTC price volatility. Often coincides with a market bottom or the start of an uptrend.

📊 Key findings:

Mid-2017 to late-2018: Negative sentiment triggers price recovery.

March 2020: After a sharp drop due to the pandemic, miner sentiment remains negative but prices recover quickly.

2021 and beyond: In a bull market, sentiment fluctuates widely, with large negative skews supporting short-term corrections and price increases.

2023 and 2024: Sentiment is highly volatile, indicating that the market is heavily influenced by miner behavior.

💡 Summary:

A drop in miner sentiment often signals a BTC price bottom. This chart suggests investors can find buying opportunities by monitoring miner sentiment data.