Crypto Market Sentiment Is Not Scary Enough To Root: Santiment
Crypto traders have not shown enough fear on social media to justify the lows of the market, according to a crypto analyst Bitcoin can still slide to $75,000.
“It seems very challenging to approach it,” Maxim Balashevich, founder of crypto market sentiment platform Sentiment, said in a video posted on YouTube on Friday.
A move to that level would represent an approximate 14.77% drop from Bitcoin (BTC)'s current price of $88,350, according to CoinMarketCap.
Balashevich explained that his hesitancy is due to the significant optimism online that the downtrend will reverse in the near term, which is often not the case when a real market bottom occurs.
“The public is not enough to fear the bottom,” Santiment said in a report the same day.
“It's not what I want to see,” says Balashevich, who is overly optimistic.
“In the private or retail channel, you're mostly talking about the Bank of Japan cutting rates and the bears caught up, and now we're moving on from there,” he said.
“I don't want to see such statements,” he said, calling the bottom of the market “very confident” if the situation was different.
Japan's central bank pushed interest rates to a 30-year high of 0.75% on Friday, a move that was previously associated with roughly 20% corrections in Bitcoin.
However, Balashevich said a drop to this price level could provide traders with a “very good setup”.
On Thursday, Jurrien Timmer, Fidelity's global director of macro research, said that Bitcoin could take a “year off” in 2026, which could drop its price to around $65,000.
Other analysts, such as Bitwise Chief Investment Officer Matt Hogan, predict that 2026 will be a “big year” for Bitcoin.
Crypto market indicators conflict with Balashevich's view
Balashevich is not sure that the market has reached a low point yet, but the indicators of the crypto market suggest the opposite.
The Crypto Fear and Greed Index, which measures overall crypto market sentiment, has remained in “high fear” territory since December 14. On Sunday, the index posted a “high fear” score of 20.
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Other indicators suggest a risk-off position among crypto traders.
The Altcoin Season Index, which measures the performance of the top 100 altcoins over the past 90 days, posted a “Bitcoin Season” reading of 17 out of 100 on Saturday.
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