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 | 85.2% | 26 | $66 731.48 | -0.42% | 4.26% | $1 313 896 405 345 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.6% | 49 | $3 229.63 | 0.39% | 4.26% | $394 157 568 235 |  |
|
| 3 |  USDT |
Tether predictions | 92.4% | 1 | $1.000075 | -0.07% | -0.06% | $110 412 297 276 |  |
|
| 4 |  BNB |
Binance Coin predictions | 87.2% | 19 | $606.10 | -0.35% | 12.18% | $90 631 340 049 |  |
|
| 5 |  SOL |
Solana predictions | 68.4% | 67 | $156.61 | -1.42% | 13.76% | $70 012 664 523 |  |
|
| 6 |  USDC |
USD Coin predictions | 90.4% | 2 | $0.999982 | -0.04% | -0.03% | $33 636 058 508 |  |
|
| 7 |  XRP |
XRP predictions | 69.6% | 60 | $0.544360 | -2.08% | 9.66% | $30 010 080 098 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 67.6% | 59 | $0.160619 | -0.62% | 2.44% | $23 130 660 657 |  |
|
| 9 |  TON |
Toncoin predictions | 69.6% | 64 | $5.77 | -3.90% | -11.30% | $20 035 572 449 |  |
|
| 10 |  ADA |
Cardano predictions | 69.2% | 63 | $0.503497 | -2.73% | 9.64% | $17 940 532 551 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 63.2% | 82 | $0.000027 | -0.04% | 17.44% | $15 836 923 723 |  |
|
| 12 |  AVAX |
Avalanche predictions | 69.6% | 64 | $38.73 | -2.24% | 10.66% | $14 641 121 362 |  |
|
| 13 |  DOT |
Polkadot predictions | 69.6% | 59 | $7.27 | -3.07% | 8.39% | $10 448 583 856 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 84% | 25 | $66 661.77 | -0.46% | 4.30% | $10 358 154 070 |  |
|
| 15 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
