At present, trader opinions regarding the future of Bitcoin are almost evenly split. Some are expecting price declines, while others believe in potential gains.
Diverging Opinions Among Traders
According to data from the research platform Santiment, market sentiments show signs of impatience and pessimism. The company’s marketing director, Brian Quinlivan, noted that there are only 1.03 bullish comments for every 1 bearish comment. This level hasn't been seen since April, when global import tariffs caused a drop in global markets.
Fear & Greed Index at Neutral Level
Meanwhile, the Crypto Fear & Greed Index dropped to a score of 54 out of 100, suggesting a neutral market state. This index is calculated based on various factors such as market volatility and social media. Its average score for the past week was 61, indicating greed.
Bitcoin Accumulation by Large Holders
In a separate update, Quinlivan indicated that big and small Bitcoin holders are moving in different directions. Over the last 10 days, 231 new wallets have accumulated more than 10 Bitcoins, while over 37,000 wallets with less than 10 Bitcoins have sold their holdings. 'When large wallets accumulate as retail loses confidence, this historically leads to bullish momentum returning to crypto markets,' Quinlivan noted.
Thus, the current state of the cryptocurrency market, particularly the mixed sentiments of traders towards Bitcoin and the retreat of retail investors, may foreshadow changes in future trends.
