  In this paper we extend the analysis of an agent-based model for adaptive
trading, called asynchronous stochastic price pump (ASPP) introduced by
Perepelitsa and Timofeyev (2019), to the model with heterogeneous distribution
of psychological parameters of speculative optimism and pessimism across the
population of traders. We show that the new model has a range of qualitatively
different dynamics when the correlation between those factors ranges from low
negative to large positive values. A statistical parameter estimation suggests
a heterogeneous ASPP with negative correlation as a model of price variations
of Bitcoin.
