Bitcoin Holders Anticipate a Pullback: Will BTC Defy Expectations Once More?

By Lola Coin Jun 27, 202362Views

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Data analysis from the firm Santiment reveals a surge in bearish sentiment among Bitcoin holders. This could actually work in the asset’s favor and lead to a rise in price. Traders are expecting the cryptocurrency to retrace towards the $27,000 to $29,000 range. The “social volume” indicator, which measures the number of social media posts mentioning a specific term or topic, shows an increase in negative sentiment. This suggests that the majority of Bitcoin traders on social media are bearish and expect a drawdown in the near future. However, historically, BTC tends to move in the opposite direction of what the average investor expects. The recent spikes in bearish sentiment coincide with the latest rally in Bitcoin’s price, indicating a potential price reversal. Despite the current bearish sentiment, Bitcoin is trading around $30,700, up 15% in the last week.

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