CandleFocus Heightened Crowd Sentiment for Bitcoin at $79K Signals Likely Major Correction: Analysis
2024-10-16
Author: Content Editor
The expected rise of Bitcoin towards the $70,000 mark has slowed due to a surge in social media chatter. Data from Santiment shows that social media mentions of Bitcoin in the $50K to $59K range often correlate with market bottoms, while mentions in the $70K to $79K range coincide with market tops. This suggests an inverse relationship between public sentiment and Bitcoin's price movements. Santiment warns that crowd-driven expectations may not align with actual price trends. BlackRock CEO Larry Fink also stated that Bitcoin's long-term trajectory would not be significantly impacted by political figures, as it has become an independent asset class.
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