Fig. 4
From: Whether and when did bitcoin sentiment matter for investors? Before and during the COVID-19 pandemic
On the left: wavelet coherency spectrum between return Bitcoin prices and change in Bitcoin specific sentiment index. Periods are depicted as weekly on the vertical axis. Thick black line indicates the boundaries of the cone of influence (COI). Thin black line shades the areas with 10% significant level. These areas have been simulated after 1000 runs. The wavelet coherency ranges respect to jet color codes from low (blue) to high (red). On the right: phase differences diagrams of 2–3, 3–6, 6–9- and 9–18-weeks frequency, respectively. Blue line indicates mean of phase difference between return and sentiment index throughout particular frequency intervals. Data spans from 1st January 2016 to 30th June 2021