Last time this happened, price dropped 35% in three weeks.

Last time it spiked this high, price dropped from 95K to 62K within weeks.

• Sentiment at the highest bar on the 5-month chart

• Entire 62K-82K recovery showed negative sentiment

• Only one prior spike of this magnitude: right at the cycle top

🎓 Markets move opposite to retail positioning. Longs are the most crowded they've been since the January peak.

Extremes like this don't mark continuation. They mark reversals.

Written by IT Tech