Crypto Market Price Direction Strangely Determined By Social Platform Sentiment In October, According To Santiment
Santiment, a behavioral analysis platform for cryptocurrency markets, pointed out new data linking volatile price behavior in cryptocurrency markets with sentiment on social platforms.and TweetSantiment said in October that the price direction was dictated by calls of bulls and bears on social platforms despite negative long-term sentiment.
In particular, prices have moved in the opposite direction to the sentiment of the social media crowd. It highlights that the price fell following the bullish social sentiment on the day.
🤔 Cloud long-term sentiment remains negative, but October swing trades are determined by their frequency. #strong & #bearish A call is occurring. If social platforms show too bearish sentiment, the price jumps. When bullish, prices fall. https://t.co/z4dt4VkFV7 pic.twitter.com/6s7yuJQeuV
— Santiment (@santimentfeed) October 12, 2022
The data is not surprising as it has been noted that market sentiment has a strong impact on crypto as Santiment data shows. FOMO), although following a pattern of bullish emotions. A bearish sentiment leads to Fear, Uncertainty and Doubt (FUD) with a downturn.
Is Bitcoin likely to surge in price based on trends?
Bitcoin (BTC) could surge due to a reversal of the role sentiment plays in the market. Bitcoin’s fear and greed index, which measures market sentiment, is currently in extreme fear readings and in strong bearish territory. Alternative.me data.
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While general market sentiment is bearish, some observers kept going strong in BTC. BTC is trading around $19,160, up 0.61% in the last 25 hours, according to data from. coin market capitalization at the time of this writing.
