The Santiment indicator, which tracks trends and topics of communication between crypto investors in social networks and instant messengers Telegram, Reddit, X and 4Chan, shows: the number of mentions of the “bull market” is decreasing, while the number of mentions of the “bear cycle” is steadily growing:
“According to the crypto crowd, after Bitcoin's market value fell by 16%, the bullish trend has come to an end. This is indicated by the number of mentions of “downtrend”, the beginning of a “bearish cycle” and other keywords like “buy the dip.”
Events in the second quarter, such as uncertainty about the Federal Reserve's interest rate cut, tax deadlines in the US, and a significant deterioration in the foreign policy environment, Santiment believes, put pressure on Bitcoin, leading to a 14% drop in the price of BTC.
The crypto market may bottom right before the halving expected in the next two days. Or soon after. However, historically, prices move in the opposite direction to the expectations of mass traders and the masses are always wrong, Santiment analysts boldly say. Wisdom lies in doing everything the crowd doesn't do, experts say.
Currently, the market value of Bitcoin fluctuates between $61,400 and $62,180.
The day before, the founder of Pomp Investments, Anthony Pompliano, confirmed his “bullish position” in relation to the first cryptocurrency and said that Bitcoin’s capitalization will inevitably exceed that of gold.
Source: Bits
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