Bitcoin rebound meets subdued sentiment, pointing to an early ‘disbelief rally’

Bitcoin’s price recovery has yet to restore investor enthusiasm, a combination that may signal the early stages of a bull market. Excitement that quickly fades after rallies could reflect lingering skepticism as the market emerges from a downturn. In an October 27 interview with Bitcoin Magazine, Michael Sullivan, author of Bitcoin Sentiment Weekly, said Bitcoin’s price had held up despite macroeconomic uncertainty. Apathy, fear and anger persisted alongside improving prices, he said, describing that combination as characteristic of an early “disbelief rally.” Sullivan said sentiment had deteriorated sharply around the lows in late June and early July, as speculative capital…