Bitcoin might enter a recovery phase despite the declining social sentiment among retail investors.
Decline in Investor Sentiment
Social sentiment among retail investors towards Bitcoin has reached its lowest point since the start of 2024. Analysts at the blockchain analytics platform Santiment believe such a drop could signal an upcoming Bitcoin breakout. In their post on X, they noted, 'Vocal traders are now showing severe FUD, and that’s good news for contrarians who know markets move in the opposite direction of retail’s expectations.'
Price Correction Expectations
Some analysts, including Santiment, expect a price correction for Bitcoin. The daily chart of Bitcoin has shown three consecutive red candles for the first time in months. Popular analyst Elja Boom predicts that Bitcoin could rebound above $100,000, based on emerging fractals in the daily chart.
Current Bitcoin Prices
According to CoinMarketCap, the price of Bitcoin has decreased by 11.32% from its all-time high of $108,000, currently standing at $95,751.75. The anticipated recovery could occur by the end of the year, although analyst Rekt Capital has warned of a possible correction extending over the next week.
Despite current declines in sentiment and price, many experts forecast potential growth for Bitcoin in the near future, based on historical data and technical analysis.
