The crypto market price direction has been curiously getting dictated by social platforms’ sentiment in October according to Santiment
Crypto market behavior analysis platform Sentiment pointed to new data that links the pendulous price action of the crypto market to sentiment on social platforms. one in TweetSentiment said that in October, price directions have been set by bullish and bearish calls on social platforms, despite long-term sentiment turning negative.
In particular, prices have moved in the opposite direction of the social media crowd’s sentiment. The data highlights October 7 when a high number of bearish calls were followed by a price bounce in the market, and October 8 and 11 when bullish social sentiments were followed by price drops.
As the sentiment data shows, the data is not surprising as market sentiment has a strong impact on crypto. Although they usually follow a pattern of bullish sentiment, creating a fear of missing out (FOMO) that drives up the price; Bearish sentiment leads to the fear, uncertainty and doubt (FUD) that accompanies a downtrend.
Could Bitcoin be poised for a price surge based on the trend?
With the reversal of the roles the sentiments play in the market, Bitcoin (BTC) might be poised for a surge. At present, the Bitcoin fear and greed index which measures market sentiment is at a reading of extreme fear — in the strong bearish territory — per Alternative.me data.
While general market sentiment is bearish, some observers have keep up the pace on BTC. BTC is trading at around $19,160 with an increase of 0.61% over the past 25 hours, according to data from CoinMarketCap At the time of this writing.
