Is negative sentiment towards Bitcoin on social media a bottom signal, as it is now at its most negative since the COVID-19 crash?

The data shows that the sentiment towards Bitcoin on social media is currently the most negative it has been since the COVID crash, which could indicate that the bottom of the market is near. The “weighted sentiment” metric from the on-chain analytics firm Santiment analyzes social media posts to determine the general sentiment among investors in the cryptocurrency market. This metric is calculated by weighting the sentiment score against the social volume, which measures the total amount of discussion around an asset that social media investors participate in. The recent trend in Bitcoin-weighted sentiment has shown a large negative value, suggesting that many discussions related to BTC are happening on social media platforms, and the average sentiment contained in them is negative. This pattern has historically indicated a bottom signal for the Bitcoin price, as was seen during the COVID-19 crash in March 2020. The current Bitcoin price is around $26,000, down 2% in the last week and has stagnated over the last few days.

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