As mentioned it’s the largest coin in the market that decides most of the trend for the crypto markets is necessary to understand that sentiment it garners among the community. A lot of news flow and sell off has dampened the short term sentiment but yes there are some long-term positives which make Bitcoin an interesting study. An analysis of its social mention and greed and fear index would give us a clear idea of what is happening.
“While the two analysis shows a neutral to the positive indication, the fear to Greed Index loops towards the fear side signifying investors are too worried, which will take the price down, which in a way is a sign that buying opportunities may soon be arriving.”
Also, read: Who Will Drive The Bitcoin Price, Bulls Or Bears? A Complete Sentimental Analysis of BTC
Fear and Greed index is only available for BTC as not may altcoins have all components required to calculate it.
“Even with falling prices, the social media sentiment with most altcoins just like the Bitcoin is neutral to positive signifying there could be the pullback in prices after this sentimental correction.”
Will this sentiment actually pull back the prices? Do let us know your views on the same.
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