Is this the toughest phase of the market?

We’ve likely all seen the famous “Psychology of a Market Cycle” image that does the rounds every now and then

Optimism, belief, thrill, euphoria, complacency, anxiety, denial, panic, capitulation, anger, depression, disbelief, hope …

There’s debate as to where we are currently, but with BTC as first-mover currently the best performing asset of 2023, many would argue we’ve moved into the disbelief/hope area, as we come to terms with a devastating 2022

It got me thinking. Is this “disbelief” - off the back of a year-long ocean of red and loss - potentially the toughest phase in market psychology?

Panic and capitulation you can rationalise. You can continue to significantly lower your average. Thrill and euphoria you can resolve to learn from past mistakes. Sell and not just screenshot

And yet for me it seems the shoots of green after a long, tired and finally accepted boredom can be toughest. This taste of hope could be the start of sideways action for a year before a true breakaway rally commences. That takes patience and grit. A Finnish friend once called it ‘sisu’

I’d be curious to hear your thought ????