Markets
What’s Next for Bitcoin (BTC) Prices? Bulls Could See Relief As “Negative Sentiment” Hits All-Time Highs
Bitcoin (BTC) The slow decline over the past few weeks accelerated on Friday, with the price falling more than 3% in the past 24 hours to around a five-week low of $63,700, now down 9%. over the past month.
Contrarian bulls, however, could be reassured as indicators tracked by analytics firm Santiment show that crowd sentiment towards BTC is now in its fourth week of “extremely negative” readings.
“The crowd is mostly fearful or disinterested in Bitcoin,” the company said in an article on Friday. “This widespread level of FUD is rare as traders continue to capitulate,” they added. “BTC trader fatigue, combined with whale accumulation, usually leads to rebounds that reward the patient.”
Santiment’s Weighted Sentiment Index measures mentions of bitcoin over The index, which showed -0.73 on Friday, has been negative since May 23.
Elsewhere, Google Trends data shows declining interest in retail searches. The tool allows users to compare the relative volume of searches. A downward-facing line means that the popularity of a search term relative to other popular terms is decreasing. Global searches for “bitcoin” have steadily declined since March 2024, the data shows.
BTC prices have generally suffered in recent weeks due to billion-dollar sales from large holders, dollar strength and a strong US tech index market that could attract money from investors.
Exit activity from U.S.-listed Bitcoin exchange-traded funds (ETFs) also hit its worst level since late April, with 900 million dollars leaving products so far this week. These figures come close to the $1.2 billion in total net outflows during the April 24-May 2 trading sessions.
Some traders expect bitcoin to reach the $60,000 level in the near term due to the lack of growth catalysts, although the long-term outlook remains optimistic as Previously reported.