Crypto Market ‘isn’t Scared Enough’ To Call A Bottom Yet: Santiment

Social media sentiment indicates Bitcoin is in a range where a drop below $75,000 is possible, according to Santiment founder Maksim Balashevich.

Crypto traders have not yet shown enough fear on social media to confirm a market bottom, according to a crypto analyst who suggested Bitcoin could still slide to around $75,000.

“It looks very tempting to come even closer to it,” crypto market sentiment platform Santiment founder, Maksim Balashevich, said on a video published to YouTube on Friday.

A move to that level would represent an approximate 14.77% drop from Bitcoin’s (BTC) current price of $88,350, according to CoinMarketCap.

Balashevich explained that his hesitation comes from observing significant optimism online that the downtrend will reverse in the near term, which he said is not usually the case when a true market bottom is forming.

“The crowd isn't scared enough for a bottom,” Santiment said in a report on the same day.

“In one particular crowd-dominated or retail-dominated channel, they’re mostly discussing Bank of Japan cut rates, and bears got caught, and now we’ll continue up from here,” he said.

“These kinds of statements are not what I want to see,” he said, adding that if the circumstances were different, he would be “very confident” in calling a market bottom.

Japan’s central bank pushed interest rates to a 30-year high of 0.75% on Friday, a move that has previously been associated with roughly 20% corrections in Bitcoin.

However, Balashevich said a move down to this price level would potentially provide a “very good setup” for traders.

Source: CoinTelegraph