The decline in Bitcoin (BTC) and altcoins has led some investors to think that the bull market is over.
While some even say that the bear market may have started again, the data shared by Santiment shows that investors expect a downward trend in the price of Bitcoin.
At this point, in his last post, Santiment pointed out that prices generally move contrary to the expectations of the cryptocurrency community, and stated that the decreasing FOMO is a hopeful signal that Bitcoin may see a recovery right before or shortly after the halving.
“According to the cryptocurrency community, the bull market is over after Bitcoin's -16% decline since its All-Time High of $73.6K on March 14. At the same time, talk of a resumption of the bear market is increasing.
Historically, prices move in the opposite direction of the community's expectations. “The rapid decline of FOMO and the notable increase in FUD present a promising combination that the leading cryptocurrency, Bitcoin, may see a rebound just before or shortly after the halving.”
According to Santiment's data, while the number of mentions of “bull market” or “bull” on social media platforms has decreased since the end of March, the number of mentions of “bear market” or “bear” has gradually increased.
😧 According to the #crypto crowd, the #bullmarket has essentially come to an end after #Bitcoin's -16% market value drop since the #AllTimeHigh of $73.6K hit back on March 14th. At the same time, #bearmarket mentions are increasing. Historically, prices move the opposite… pic.twitter.com/1fnGePwMV0
— Santiment (@santimentfeed) April 17, 2024
*This is not investment advice.
