The team at Santiment says that even though the Twitter sentiment about Bitcoin is at its bearish nevertheless, it is the best time to buy Bitcoin.
Bitcoin’s Twitter sentiment at a recent tweet highlights BTC increased value from $46.5k to $52.5k in the past week. Following this tweet, they mentioned that Bitcoin is still at its bearish point. This indication by the Santiment was predicted by calculating people’s behavior towards the leading cryptocurrency. According to the research by the Santiment, it is an elite time to invest in Bitcoin.
The Santiment has laid out insightful information about Bitcoin, which is at its most negative since March 2020. This information was analyzed based on the industrial, financial, and digital market trends. Even in this extreme bearishness, the Stimulus bill’s approval might change the tide for this cybercash.
Gemini CEO Opinion
To add value to this time, Tyler Winklevoss, the co-founder of the Gemini Exchange, has indicated in his tweet that the sudden change is the result of people valuing Bitcoin over USD. This tweet happened right after when the Senate approved the $1.9 trillion Relief bill, which has further proved Tyler Winklevoss’s theory. As this 1.9 trillion dollars will print, the US dollar will lose its worth, making it the perfect time to hedge back into Bitcoin.
Even though the decline in the digital asset price is not a negative indicator for the future, but it is still worrisome. The market signal showed that Bitcoin is turning slightly bearish, and traders are turning less bullish. But Joel Kruger says that he sees this pullback as a correction needed for a market to consolidate. He also said that he takes it as a resting time to a strong market before it takes a high jump.
As Bitcoin is trading at $53k, the analyst believes that if it maintains this throughout this crucial week, its value will increase to $55k. The Twitter prediction indicates that when this happens, Bitcoin will be at its bullish momentum. Its success is proven to be dependent on the trust and timing of the market. Hence this time is suggested to be the best to bounce back into cryptocurrency, especially Bitcoin.