Is The Bitcoin Price Bottom In? Here’s What Social Sentiment Says

On-chain analytics platform Santiment has weighed in on whether the Bitcoin price has reached its bottom, following its drop to the $108,000 ￰0￱ platform alluded to the current social sentiment, suggesting that a further drawdown may be ￰1￱ Price Bottom Not Yet In Amid Spike In Social Dominance In a research report, Santiment indicated that the Bitcoin price bottom may not yet be in, considering the surge in the social dominance of ‘buy the dip’ ￰2￱ platform explained that a true bottom is often marked not by price but by a shift in social narrative from ‘buy the dip’ optimism to widespread ￰3￱ creates a strong bearish case that discourages ￰4￱ Reading: Analyst Warns Investors To Avoid Bitcoin At All Cost As Price Is Going Below $60,000 Santiment suggested that the Bitcoin price typically rebounds when the sentiment is bearish and when investors least expect an uptrend.

However, for now, market participants are still getting “antsy and trying to find some entry spots now that prices have cooled down a bit, Santiment analyst Brian Quinlivan ￰5￱ analyst opined that the cooldown in the Bitcoin price so far is not a huge one, while noting that BTC has detached from the S&P ￰6￱ predicted that BTC and other crypto assets could play catch-up to the stock market when the crowd stops getting too optimistic about buying the ￰7￱ added that the true ‘buy the dip’ opportunities happen when the crowd stops believing there is an ￰8￱ the research report, Santiment noted that the current ‘buy the dip’ chatter needs to be suddenly replaced by discussion of the narrative that supports the bearish ￰9￱ line with this, the platform advised market participants to pay close attention to the dominant social ￰10￱ to the report, when the conversation shifts from hopeful buying to widespread fear, it can be a stronger bottom signal than the Bitcoin price ￰11￱ Metric To Keep An Eye On The Santiment report indicated that BTC whale transfers are another key metric to watch for, as they can help determine if the Bitcoin price has reached its ￰12￱ whales, wallets holding 10 to 10,000 BTC, have not been selling off in any significant way despite the market ￰13￱ Reading: MicroStrategy Successfully Claims 3% Of Bitcoin Supply, Here’s How Much It’s Now Worth According to Maksim, who joined Santiment analyst Brian on the podcast, whenever these wallets do decrease their holdings, it can lead to “postponed price suppression weeks thereafter.” Therefore, Santiment advised market participants to monitor the holdings of large Bitcoin wallets.

A lack of selling from whales could indicate underlying strength, while a significant drop can be a warning of future price ￰14￱ the time of writing, the Bitcoin price is trading at around $107,800, down in the last 24 hours, according to data from ￰15￱ image from Pixabay, chart from ￰16￱