Bitcoin$47 867.99


Ethereum$2 132.70


Binance Coin
Binance Coin$464.49








Price predictions

Bitcoin sentiment at record lows. Does it mean the price will go up?

17 Sep 2020   #Bitcoin

Social media sentiment for Bitcoin has slumped to a two-year low, yet technical indicators are still saying “buy.” A number of metrics indicate that social and trading sentiment for Bitcoin is still low despite its price breaking above $11,000 a couple of hours ago.

On-chain analytics provider Santiment has revealed that weighted social sentiment for Bitcoin is at its lowest level for two years. The metric takes into account the overall volume of Bitcoin mentions on Twitter and compares the ratio of positive vs. negative commentary on the platform.

Social sentiment surged a few months ago when Bitcoin started its strong recovery following the pandemic-induced market crash in mid-March. However, for most of May, June and July, when the asset was consolidating in the low $9,000 range, it fell into negative territory again.

The analytics provider noted that, counterintuitively, negative sentiment at extremely low levels correlates with price rises, whereas extreme highs correlate with price retracements.

Bitcoin reached a 2020 high of $12,400 in mid-August, but has failed to top 2019’s peak of $13,800 leading a number of analysts to assert that the lower high on the longtime frame indicates that we are not in a bull market just yet.

Popular charting platform Tradingview also has its own sentiment indicators for the asset derived from a number of technical indicators. On the daily and weekly views, they are flashing buy signals, whereas things are more neutral on the shorter time frames.

Bitcoin has been largely correlated to stock market movements for much of this year; however, the “September effect” is a term that has come about because it is a historically weak month for stock market and cryptocurrency price returns (as Kraken pointed out in its most recent update). This could be reflected in social sentiment as reported by Santiment.

At the time of writing, Bitcoin was still trading just above $11,000, a gain of 2.8% on the day and almost 8% on the week.



Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.