At the very top of the parabola in both Q4 2017 and Q4 2021, sentiment was pure mania.
Q4 2017 -> Everyone thought we were entering a permanent new paradigm.
Retail was flooding in daily, CNBC had Bitcoin tickers on TV 24/7, and “buy any dip” felt like a cheat code.
ICOs with nothing but a whitepaper were raising millions in minutes.
The general vibe was “If you’re not buying crypto right now, you’re an idiot.”
Q4 2021 -> It felt smarter, more institutional, but just as euphoric.
Metaverse coins were mooning, NFTs were selling for millions, and mainstream brands were piling in.
Influencers were calling for $100k BTC, $10k ETH, and even $1 DOGE.
The feeling was “This time it’s different - crypto is unstoppable now.”
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In both cases, there was zero fear.
Only the smug confidence that the number would go up forever.
That’s usually when the floor disappears.
But right now we are far from it, there's still fear in the streets.
When your Uber driver says his meme coin is up 400%, that's the time you start worrying.
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