Crypto sentiment platform Santiment warned that when many people start calling a crypto market bottom, it’s wise to stay skeptical.
Crypto market lows are unlikely to form at moments when many analysts and traders are calling for one, according to crypto sentiment platform Santiment.
“Be cautious when you see a widespread consensus forming about a specific price bottom,” Santiment said in a report on Saturday, adding that “true bottoms often form when the majority expects prices to fall further.”
Santiment said that this has recently emerged as a trending topic on social media after Bitcoin (BTC) briefly fell below $95,000 on Friday amid a wider technology stock decline. “This suggests many traders believe the worst is over,” Santiment said, arguing that historically such sentiment is often followed by further downside.
