Analytics firm Santiment is highlighting one metric that usually precedes a rally for Bitcoin (BTC) and other crypto assets.

Santiment says the ratio of bullish king crypto sentiment to bearish sentiment from retail traders has reached a two-month low.

A low ratio of the metric is “typically a bullish sign,” according to the analytics firm.

“With crypto in a bit of a lull, traders are showing signs of impatience and bearish sentiment. There are just 1.03 bullish comments for every 1 bearish comment, which hasn’t happened since peak fear, uncertainty and doubt (FUD) during initial tariff reactions on April 6th…

…Markets historically move in the opposite direction of retail’s expectations. A prime example was the optimal buy time during the early April fear from other traders.”

Santiment further says that the Middle East conflict involving Israel and Iran will “likely continue to cause volatile and unpredictable price action” for the crypto market.

“Despite the initial panic, Bitcoin has remained in the $104,000 – $105,000 range, aided by consistent exchange-traded funds (ETF) inflows and a lack of follow-through in military actions, mirroring the typical ‘risk-off, then stabilize’ pattern seen in previous geopolitical crises.”

Bitcoin is trading at $104,431 at time of writing.

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