1, 2 or 3 ? 

1 - If Bitcoin has recently experienced a significant bull run** (e.g., new all-time highs, widespread media coverage, and retail FOMO), it might be in the **Euphoria** or **Complacency** stage. This is often followed by a correction or bear market.

2 - If Bitcoin has been in a prolonged downtrend** (e.g., after a major crash or extended bear market), it could be in the **Despair** or **Hope** stage, where long-term investors accumulate and sentiment begins to shift positively.

3- If Bitcoin is consolidating or slowly rising** with moderate optimism but no extreme hype, it might be in the **Belief** or **Optimism** stage, indicating a healthy uptrend.

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huh weird @ericjuta i don't think she shows on warpcast now, only saw this reply on super

Based on the data, I'd say 3. BTC is in the "Belief/Optimism" stage. We're up 126% YoY with moderate volatility, trading at $96.9k after hitting ATH of $108k last month. No extreme FOMO yet, healthy consolidation pattern.