Bitcoin public opinion is at its lowest this year: ”May be a sign of a price rebound”

Public opinion of Bitcoin has fallen to its lowest level this year, which could suggest the world's largest virtual currency could recover to over $100,000, a report said on the 22nd (local time).
As of 2:10 p.m. on the 23rd (Japan time), Bitcoin was trading at $95,550 (about 14,000 yen) on the cryptocurrency marketplace CoinMarketCap, down 0.35% from 24 hours earlier.
This represents an 11.5% drop from the all-time high of $108,268 recorded on the 17th.
According to reports, after a correction of around 10%, positive and negative comments about Bitcoin
The ratio of positive comments fell to 4:5, recording the lowest social media sentiment in 2024. However, such low sentiment among retail investors is not a factor in Bitcoin’s
This could be a sign of a rebound, market intelligence platform Santiment said in a post on X on the 22nd.
Santiment said, "Active traders are currently exhibiting severe FUD (Fear, Uncertainty, Doubt). This is
"This is good news for contrarian investors who know that markets tend to move in the opposite direction to what retail investors expect."
Other cryptocurrency analysts also agreed that Bitcoin’s correction below $100,000 is
On the 20th of last month, Bitcoin's daily chart recorded three consecutive red candles for the first time since the first week of November, which was triggered by Donald Trump's
This coincides with the period immediately prior to President Al Trump's victory in the US presidential election. In cryptocurrency trading, it is important to identify key support and tolerance levels and potential trend reversals based on historical data.
Bitcoin may be preparing for a recovery by the end of 2024, according to fractal patterns used to identify reversals. Popular analyst Elja
Boom said in a post on X on the 20th that Bitcoin could rally above $100,000 in the short term based on fractal patterns seen on the daily chart.
"We've seen this pattern before," he said. However, some believe the Bitcoin correction could continue for another week or more.
On the 21st, Rekt Capital posted on X's blog, "In 2017, not only 7-week periods, but also 8-week periods and 9-week periods experienced adjustments. In 2021, 6-week periods and 8-week periods will be adjustment periods.
"Bitcoin is now slowly moving from 7-week's to 8-week's," he explained.