Bitcoin analyst says that some traders may have a more self-interested view than a unbiased one of the markets when they warn about an imminent Bitcoin correction.
“If you sold, you really want lower prices,” Bitcoin analyst PlanC on Mr. M Podcast published YouTube, on Friday, reminding those who have recently bought Bitcoin (BTCThey may be more vocal about Bitcoin on social media in order to influence the market.
“The whole point of you selling is to think that the bear market is coming,” “He said” “So you’re going to get on social media,” he said.
Bitcoin sentiment on social media is generally positive.
Many participants in the market turn to social media for a general sense of sentiment regarding Bitcoin. Paying close attention, they pay particular attention to interactions between community members and predictions posts.
It comes as sentiment among the broader crypto market has plunged, with the Crypto Fear & Greed Index. This gauges the overall sentiment of the market. “Extreme Fear” The Saturday edition of Reading Twenty includes a reading 20 update.
The data is from the sentiment platform Santiment shows Overall social media sentiment towards Bitcoin (BTC() has a 57.78% positivity, a neutrality of 15.80%, and -26.422% negativity.
PlanC has said that Bitcoin’s recent drop below $4,000 is a sign of a price correction. psychological $100,000 price level Currently, the bottom local price is $98,000.
PlanC Forecasts “decent chance” Bitcoin has just hit a new low
“I think there is a good chance, again, it is hard to quantify exact probabilities, but from my perspective, there is a decent chance that was the major bottom,” PlanC was said.
“If it wasn’t, I don’t see us going down much lower,” He added. Bitcoin’s value has since recovered to $103,562, according PlanC warns that another temporary pullback is possible.
Related: Bitcoin crisscrosses $100K as BTC price ‘bottoming phase’ begins
“Maybe we go for one more scare over the coming week or so lower,” He explained. “Maybe we go down to like 95 or something, right?” He added.
This comes after analysts have made more negative forecasts in the past few days.
Bloomberg analyst Mike McGlone said Post a X on Thursday that Bitcoin hitting You could win up to $100,000 “a speed bump toward $56,000.”
Cathie Wood, CEO of ARK Invest, has cut her long-term contract. Bitcoin price projection By $300,000.
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Source: cointelegraph.com
