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Does Bitcoin still have room to fall? Let's see if social media sentiment can confirm the bottom.
[On-chain Data] A founder of a well-known on-chain data analysis platform recently put forward a viewpoint: there is currently not enough panic among traders on social media. What does this mean? Simply put—it suggests that the market bottom may not have been reached yet. According to this analyst's assessment, Bitcoin may still fall to around $75,000.
Interestingly, many people always want to find the exact signal of the bottom. However, from the perspective of social sentiment, the current level of pessimism does not seem deep enough. In other words, the real panic consensus has not yet fully formed. This usually means that the psychological defenses of market participants may still be further broken.
Of course, this is just one opinion based on emotional indicators. Whether it will actually fall to that price level depends on subsequent market trends. However, this viewpoint does give us a reference angle: paying attention to the panic sentiment on social media may be more indicative of the true bottom signal than looking at technical indicators.
The panic not being deep enough indicates what? It means there are still people who haven't Cut Loss, if it really gets pessimistic, it will be a mess.
75,000 sounds quite scary, but I've heard this kind of prediction too many times.
If you ask me, instead of focusing on the emotions on social media, it's better to look at how much is left in your Wallet, haha.
When the real panic comes, this fellow might not have an advantage either.
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Social media isn't panicking enough... so what are we, the ones who shout "the crypto world is over" every day?
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What does real panic look like? Do we have to all cut loss for it to count?
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Instead of looking at sentiment indicators, I trust my wallet to speak.
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Here comes another "bottom theorist" talking like it's all serious.
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Wait, so does that mean we're not even at panic level yet? Then we have to wait longer for the bottom.
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Every time it's said that it will fall more, and when it falls, they say there's a rebound. I'm tired of this routine.