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Bitcoin Sentiment Notes Drastic Improvement as BTC Recovers to $81,000
In a surprising turn of events, the sentiment surrounding the Bitcoin market has undergone a drastic transformation, mirroring a crucial pattern that has often preceded significant gains. According to Santiment’s analytics, the ratio between positive and negative comments on social media regarding both Bitcoin and Ethereum has taken an unprecedented jump.
As reported by X, this data shows that for every three positive comments about Bitcoin, there are only 0.5 negative posts, indicating a substantial shift in market sentiment. Similarly, when it comes to Ethereum, the same ratio stands at 3.5 positive comments per 2.3 negative ones.
This unprecedented surge in positivity is eerily reminiscent of what happened in late February, where fear and panic had taken hold, causing the Fear & Greed Index to reach an extreme low of 10. However, history has shown that this type of sentiment shift can be a strong indicator of a potential market bottom.
In fact, it’s been observed time and again that such drastic changes in sentiment often precede significant price movements.
To date, Bitcoin has already seen a remarkable recovery, jumping over 6% in the past day to trade at around $81,500.
Source: https://bitcoinist.com/bitcoin-sentiment-drastic-improvement-btc-81000/
