Bitcoin (BTC) tweets remain negative, but is that positive for the price? » Crypto Insiders

The price of the largest cryptocurrency bitcoin (BTC) has been on the back burner for quite some time. At the moment this is located course located even in the lower zone of the current price range. The cryptocurrency seems to be hanging by a thread and a further decline is definitely not excluded.

Sentiment in the market is still not positive. According to the bitcoin fear & greed index sentiment is mostly fear at the moment. Also on the social media platform Twitter, people are not positive and the sentiment is depressed.

Santiment sees positivity

According to the crypto data analysis company Santiment, panic in the market and the sentiment on Twitter is a reason to look up on the price of bitcoin. According to the company, the chance of an upward movement in the price is high as long as this sentiment remains unchanged.

???? #Twitter‘s sentiment toward #Bitcoin remains negative in the amount of volume and tone that our algorithm is picking up. Generally, when there is negativity, there is a higher degree of a price upswing to catch the crowd off guard. ???? https://t.co/ARclipKefs pic.twitter.com/CVEzj2TNSD

– Santiment (@santimentfeed) July 16, 2021

“Traders expect a further decline. According to the graph, that is actually a positive thing for bulls”

According to Santiment experts, extremely negative sentiment, which is happening right now, could even be a sign of the start of an upcoming bull run

Other Positive Indicators

Not only the turbulent sentiment in the market is reason for Santiment to believe that a price increase is imminent. The company also made substantial use of the available data to arrive at a forecast.

For example, Santiment stated that the influx of bitcoins to crypto exchanges has declined in the past 50 days. According to Santiment, this is a sign that people are no longer selling their bitcoins and thus a bullish signal.

In addition, it is offer of bitcoin on these crypto exchanges has been gradually declining for a while, data from Santiment shows. Another good sign for bulls because this is the chance of a further sell-off shrinks.

In short, Santiment is very confident that bitcoin price will recover towards the upside in no time. Whether this will actually happen remains to be seen. Even a data analysis company like Santiment obviously does not have a crystal ball.

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