#Write2earn Analyzing #Bitcoin Sentiment: Is a Major Shift Looming in 2024? #BTC🔥🔥🔥🔥🔥 $BTC

Social media sentiment regarding Bitcoin hits a low for 2024, raising concerns about fear in the cryptocurrency market. With decreasing positivity and activity online, there's speculation about a potential significant downturn for Bitcoin.

Data from LunarCrush shows a decline in Bitcoin-related social activity, except for spikes during the launch of Spot Bitcoin ETFs. Investor sentiment is shifting towards fear as Bitcoin registers lower highs and lows since mid-March.

While a prolonged downturn is possible, historical cycles make a swift conclusion to the bull market improbable. A drop to $51,000 could extend the current bull market, potentially leading to new price highs.

Bitcoin tests the $61,000 support level, with repeated tests increasing the likelihood of a breach. However, a downward trend line since April 8 provides additional support.

Despite negative sentiment, if Bitcoin stays within its bullish trajectory and key support holds, a rebound could occur. Historical trends suggest sentiment often reaches its lowest before a reversal.

Factors like potential Fed rate cuts and the upcoming presidential election could boost risk assets like Bitcoin throughout the remainder of the year, potentially culminating in a peak sometime in 2025.