Bitcoin fell below $113,000, hitting a 17-day low, and retail crypto investors were also bearish.
At this point, analysts at cryptocurrency analysis platform Santiment said that retail investors are going with the market flow after Bitcoin failed to recover and fell below $113,000.
Over the past 24 hours, retail investors have displayed their worst bearish sentiment on Bitcoin on social media in almost two months, data shows.
On this point, Santiment noted that the last time such a strong negative trend occurred was on June 22, when the US launched airstrikes on Iran due to the Israeli conflict.
Santiment noted that market sentiment has entered the “crowd-threat” zone, a positive sign for patient investors waiting for an opportunity to buy or add. In context, analysts emphasized that such market conditions signal that a positive recovery for Bitcoin is imminent.
Santiment analysts stated that the market moved contrary to their expectations and said the downward trend was an opportunity and said, “You can buy when fear is at its peak.”
In particular, Bitcoin’s reaction to a similar event two months ago further reinforces the narrative that Bitcoin has bottomed out. On June 22nd, when the market entered a severe bearish period, BTC fell to $98,330. However, it subsequently recovered 26% from the decline to reach its current all-time high.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/santiment-shares-historical-bottom-signal-for-bitcoin-btc-it-happened-two-months-ago/
