On-chain analytics provider Santiment asserts that Bitcoin and crypto assets tend to bounce when social sentiment indicates there is a lot of fear, uncertainty and doubt, which suggests that now is a buying opportunity.
According to its Bitcoin weighted social sentiment against price chart, this is exactly what is currently going on. Since its weekend lows, Bitcoin prices have recovered around 2.4% to current levels.
1) Prices of $BTC and other #crypto assets tend to bounce most precipitously when the crowd is demonstrating a high level of FUD. This is exactly what we’ve been seeing for #Bitcoin, #Ethereum, and many #altcoins following the early September pic.twitter.com/YiCX3kZiur
— Santiment (@santimentfeed) September 21, 2020
It added that this is what has been happening since early September when markets plunged $60 billion in terms of total market capitalization.
“This is exactly what we’ve been seeing for #Bitcoin, #Ethereum, and many #altcoins following the early September”
The analytics provider added;