I've seen this chart floated around a lot, but I dont think it can be applied to btc.
It can, but is usually wrongly done so.
I've said it before and more than once, most people forget to actually read "anatomy of a bubble", especially ignoring the phases' descriptions: Smart Money - Institutional Investors, Public.
The chart is applicable when, and
only when both the curve and the phases match.
So far, we're not even in "Institutional Investors".