Bitcoin Cash (BCH) Plunges 6.7% As Social Media Shows Overhype

Data shows bullish sentiment around Bitcoin Cash has exploded on social media, potentially explaining the coin’s pullback from its 17-month ￰0￱ Cash Has Seen A Spike In Positive/Negative Sentiment In a new post on X, analytics firm Santiment has discussed the trend in the Positive/Negative Sentiment for Bitcoin ￰1￱ indicator measures, as its name suggests, the ratio between the positive and negative comments related to BCH that are currently present on the major social media ￰2￱ Reading: PEPE Gearing Up For Triangle Breakout: Is A 78% Move Coming? The metric separates posts/threads/messages into bullish or bearish by putting them through a machine-learning ￰3￱ they have been divided, it counts up the number of each and calculates their ratio to find the net sentiment on social media.

Now, here is the chart shared by Santiment that shows the trend in the Positive/Negative Sentiment for Bitcoin Cash over the past month: As displayed in the above graph, the Bitcoin Cash Positive/Negative Sentiment fell to a low of 0.13 earlier in the ￰4￱ a value corresponds to there being just 0.13 bullish comments for every bearish post. Thus, it would appear that social media traders were heavily leaning toward a negative outcome for BCH. Interestingly, what followed the market disbelief was a surge in the coin’s price to the $650 level for the first time since April 2024, around 17 months ￰5￱ pattern is something that has actually been seen many times throughout the past.

“Historically, prices move the opposite of the crowd’s expectations,” notes the analytics ￰6￱ means that an excess of bearish sentiment tends to be a buy signal for the cryptocurrency, while overexcitement can lead to a ￰7￱ BCH initially observed the former type of effect, market balance quickly shifted, and it’s now facing the latter part of the ￰8￱ the chart, it’s visible that the sharp rally in the coin brought with it a huge spike in the Positive/Negative Sentiment to the 2.3 ￰9￱ Cash has witnessed its price drop by around 6.7% since this dominance in bullish sentiment has ￰10￱ now remains to be seen how the market will react to the pullback and whether another shift in the Positive/Negative Sentiment would follow.

Naturally, a pivot back to the bearish zone could help stabilize the price ￰11￱ Reading: Dogecoin Down 13% As Whales Distribute $181 Million In DOGE In some other news, centralized exchanges have just received a huge amount of USDC inflows, as pointed out by CryptoQuant community analyst Maartunn in a new post on ￰12￱ this inflow spree, investors have deposited $1.33 billion in the stablecoin to exchanges, the highest level in more than four years. “Massive stablecoin deposits like this often precede major market moves,” explains the ￰13￱ Price At the time of writing, Bitcoin Cash is floating around $605, up more than 2.5% over the last seven ￰14￱ image from Dall-E, CryptoQuant.

com, Santiment. net, chart from ￰15￱