Santiment analysts continue to convince everyone that the price of BTC will rebound soon. And, I must say, in their latest tweet there is a thesis that resonates very much inside - “traders are tired of BTC.” This is probably what many people are experiencing right now. Although we do not trade BTC, it is increasingly more difficult to analyze it and correctly indicate local movements.
Full quote from #Santiment:
“The crowd is mostly afraid or uninterested in Bitcoin as prices fluctuate between $65,000 and $66,000. This prolonged level of fear, uncertainty and doubt (FUD) is rare as traders continue to capitulate. BTC fatigue among traders, coupled with whale accumulation, usually leads to bounces that reward the patient.”
Abstract graph from their new analytics:
- The crowd is extremely negative towards BTC for the fourth week in a row
- Positive crowd sentiment (FOMO): Big surges usually lead to upcoming peaks.
- Negative crowd sentiment (FUD): Big spikes usually lead to upcoming drops.
