According to a tweet published by the cryptanalysis firm Santiment, the Bitcoin sentiment on Twitter remains negative for the time being.
With this in mind, however, the BTC price is likely to rise.
Data provider Santiment tweeted that Bitcoin sentiment on Twitter is still going downhill, according to the company’s analysis algorithm.
“Twitter sentiment towards Bitcoin remains negative in terms of the volume and tone of our algorithm. In general, a higher price rally surprises the crowd when there is negativity. “
Bitcoin social psychology | Source: Mood
The more negative the mood, the higher the upside potential, as the company’s experts explain. According to the graph above, traders expect the price to go down, and that’s good for the bulls.
In addition, Bitcoin’s fear and greed index currently hits 15, which means extreme fear. The last time the index hit this level was in March 2020, when the leading digital currency fell 50% in just one day on Black Thursday.
According to experts, the extreme fear and negative sentiment in the Bitcoin market is driving investors to look for better alternatives and could be a sign of an imminent bull run.
Danny Scott, the founder and CEO of the UK exchange CoinCorner, tweeted about the eerie similarities between the Bitcoin charts of today and 2013.
According to the tweets, both charts show Bitcoin’s high in April, followed by a several-month decline.
However, Bitcoin started rising higher in August 2013 and rebounded towards the end of the year.
In 2013 we saw August begin to recover and the real climax at the end of the year…. pic.twitter.com/d71FdRTQHA
– Danny Scott (@CoinCornerDanny) July 17, 2021
“In 2013, price begin to gain weight to enter August and to reach real highlight at the end of the year … “
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