Bitcoin sentiment at record lows. Does it mean the price will go up?
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 59.6% | 92 | $20 358.95 | -1.33% | -0.55% | $388 446 303 368 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 55.2% | 90 | $1 152.46 | -1.93% | 4.48% | $139 837 109 318 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $0.998816 | -0.02% | -0.02% | $66 745 776 786 |  |
|
| 4 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000328 | 0.02% | 0.03% | $55 820 927 466 |  |
|
| 5 |  BNB |
Binance Coin predictions | 58.4% | 89 | $229.42 | -1.07% | 5.78% | $37 459 518 058 |  |
|
| 6 |  BUSD |
Binance USD predictions | 91.6% | 1 | $0.999158 | -0.18% | 0.06% | $17 369 031 848 |  |
|
| 7 |  XRP |
XRP predictions | 62% | 80 | $0.336907 | -1.76% | 4.22% | $16 287 125 919 |  |
|
| 8 |  ADA |
Cardano predictions | 65.6% | 75 | $0.474957 | -1.02% | 1.44% | $16 117 202 321 |  |
|
| 9 |  SOL |
Solana predictions | 68% | 66 | $35.68 | -4.55% | 1.04% | $12 230 152 580 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 61.6% | 80 | $0.067308 | -3.10% | 5.51% | $8 929 753 009 |  |
|
| 11 |  DOT |
Polkadot predictions | 63.2% | 78 | $7.42 | -1.67% | -1.75% | $7 329 831 546 |  |
|
| 12 |  DAI |
Dai predictions | 92% | 1 | $1.000154 | 0.06% | 0.05% | $6 718 496 522 |  |
|
| 13 |  TRX |
TRON predictions | 55.6% | 91 | $0.066274 | 0.93% | 2.59% | $6 130 034 055 |  |
|
| 14 |  SHIB |
SHIBA INU predictions | 63.2% | 74 | $0.000010 | -5.15% | 3.23% | $5 583 599 858 |  |
|
| 15 |  LEO |
UNUS SED LEO predictions | 76.8% | 50 | $5.74 | -1.31% | -1.91% | $5 479 483 866 |  |
