Capriole Investment's crypto speculation index indicates that the speculative excesses prevalent in the market during the first quarter have dissipated, hinting at a potential for a renewed bullish trend in bitcoin.
Speculative washouts are viewed as corrective mechanisms that help align asset prices with fundamentals and reduce excessive speculation, setting the stage for a healthier market environment in the long term.
A speculation index below 10% has historically correlated with the beginning of significant bitcoin price rallies, as seen in various periods since 2019, suggesting a potential positive trend ahead.
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