Social Sentiment Collapses, Is Bitcoin At Its Market Bottom?

Since the April halving, the price of Bitcoin has struggled to take off. It fluctuates between $60,000 and $70,000. This stagnation, coupled with a drop in social sentiment on social networks, could indicate a bottom in the market.

Analyzes are well underway on the current price trend of Bitcoin

Sluggish Social Sentiment: A Crucial Market Indicator for Crypto Investors

According to Santiment data, optimistic comments on Bitcoin have decreased significantly on social media. In his reportthe crypto analysis company cites well-known platforms such as:

  • X,
  • Reddit,
  • Telegram,
  • 4Chan,
  • BitcoinTalk.

This drop in enthusiasm contrasts with the general optimism that reigned before the Bitcoin halving in April. Investors have indeed lost confidence as BTC has failed to reach new all-time highs since the halving.

Result: The price of the flagship crypto has been consolidating around $61,000 so far. At the time of writing, Bitcoin is trading at $61,380.

Towards an explosive rebound after the trough? Bitcoin experts believe it!

Bitcoin analyst Willy Woo highlights an important point: the rise does not always happen immediately. The price of Bitcoin generally enters a consolidation phase before experiencing a bullish breakout.

According to him, the post-halving consolidation period of 2024 could be the longest ever observed. It has already lasted 61 days, compared to 24 days in 2017 and 8 days in 2021.

Willy Woo thinks that the price of BTC will recover after “the death of weak miners and the recovery of the hashrate”.

The current decline in social sentiment and the stagnation of Bitcoin could well indicate a market bottom. For savvy investors, this represents a potential buying opportunity ahead of an expected recovery.

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