The correlation between Bitcoin miner sentiment and BTC price movements reveals interesting trends.

🔍 Observations:

Red zones indicate when miner sentiment has deteriorated sharply, often preceding significant BTC price movements, indicating possible market bottoms or the beginning of an uptrend.

📊 Findings:

Mid-2017 and late 2018: Miner sentiment’s negative sentiment contributed to price recovery.

March 2020: After a sharp drop due to the pandemic, sentiment remained negative while prices quickly recovered.

2021 and beyond: During bull markets, sentiment indicators have fluctuated frequently, supporting short-term corrections and price increases.

2023-2024: Increased sentiment volatility indicates high market fluctuations driven by miner behavior.

💡 Conclusion:

A decline in miner sentiment often signals possible BTC price bottoms, which can be beneficial for investors.