Bitcoin and Altcoin Followers Are Calling for a Bottom: The Fall May Be Over!

A social indicator that could reverse the downward trend in Bitcoin (BTC) and altcoin prices has regained strength.

Bitcoin price has lost more than 10% in the last two weeks. This caused the price to briefly drop below $60,000. According to social media data, many cryptocurrency investors say that the downward trend will end.

Has the crypto market bottomed?

According to cryptocurrency analysis platform Santiment, Bitcoin and altcoin followers are heavily calling for a “bottom” on social media. The volume of these shares has reached its highest levels in the last year.

Santiment data examines more than 1,000 sources linked to the cryptocurrency market, including Telegram, Reddit and X.

Bitcoin and altcoin markets may rise

The sudden increase in bottom calls on social media has in the past resulted in the Bitcoin price changing direction and rising.

An example of this was seen at the beginning of May. Bitcoin dropped from $64,500 to $56,900 in a few days. During this period, posts claiming that the price of Bitcoin had bottomed increased.

Afterwards, the Bitcoin price started to climb again and exceeded $71,000, approaching the price record it broke in March. Bitcoin is trading around 15% below that level today.