Collapsing Social Sentiment: Is Bitcoin Hitting Its Market Low?

Since the April halving, the price of Bitcoin has struggled to soar. It fluctuates between $60,000 and $70,000. This stagnation, coupled with a decline in social sentiment on social media, could indicate a market bottom.

I'll break it down in simple terms.

When does #Bitcoin recover? It's when weak miners die and hash rate recovers.

This one is for the record books as it's taking a lot of time for miner capitulation post-halving.

Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO

— Willy Woo (@woonomic) June 20, 2024

Social Sentiment in Decline: A Crucial Market Indicator for Crypto Investors

According to data from Santiment, optimistic comments on Bitcoin have significantly decreased on social media. In its report, the crypto analysis company cites well-known platforms such as:

• X,
• Reddit,
• Telegram,
• 4Chan,
• BitcoinTalk.

This decline in enthusiasm contrasts with the general optimism that prevailed before the Bitcoin halving in April. Investors have indeed lost confidence as BTC has failed to reach new all-time highs since the halving.

Result: The price of the flagship crypto has consolidated until now around $61,000. At the time of writing this article, Bitcoin is trading at $61,380.

Towards an Explosive Rebound After the Bottom? Bitcoin Experts Believe So!

Bitcoin analyst Willy Woo highlights an important point: the rise doesn’t always happen immediately. The price of Bitcoin generally enters a consolidation phase before experiencing a bullish breakout.

According to him, the post-halving consolidation period of 2024 could be the longest ever observed. It has already lasted 61 days, compared to 24 days in 2017 and 8 days in 2021.

Willy Woo believes that the price of BTC will recover after “the death of weak miners and the recovery of hashrate.”

The current decline in social sentiment and the stagnation of Bitcoin could well indicate a market bottom. For savvy investors, this represents a potential buying opportunity before an anticipated recovery.