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Santiment: Bitcoin bearish social media comments rise to five-week high, possibly indicating a price rebound
Deep Tide TechFlow message, April 05, according to Cointelegraph, data monitored by the crypto sentiment analysis platform Santiment shows that bearish remarks about Bitcoin on social media have risen to their highest level in nearly five weeks.
Santiment posted on X on Saturday, saying, “FUD sentiment is making a comeback, and the community’s overall optimistic sentiment is clearly insufficient,” and noting that this is “usually a common prerequisite signal for a price rebound.” The data comes from a large number of crypto-related social media accounts, tracking the ratio of bullish to bearish comments about Bitcoin on platforms such as X and Reddit.
As of Saturday, the ratio of bullish to bearish Bitcoin comments fell to 0.81, the lowest level since February 28, meaning that for every 4 bullish comments there are about 5 bearish comments.
Santiment said that market trends often run counter to public expectations: “At such high levels, FUD sentiment is a positive signal, suggesting that the outlook may improve in the near term.”
Other market sentiment indicators also show investors are becoming more cautious. The Crypto Fear and Greed Index recorded 12 points on Sunday and has remained in the “extreme fear” range.