Some traders who warn of an impending Bitcoin correction may be driven more by self-interest than an unbiased view of the market, according to a Bitcoin analyst.
“If you’re selling, you really want lower prices,” Bitcoin analyst Planc told the G. M podcast Published on YouTube on Friday, reiterating that those who recently sold Bitcoin (BTC) can be more vocal on social media, promoting the idea of the Bitcoin price falling in hopes of seeing the market move in their favor.
“The whole point of selling is to think that a bear market is coming,” he said. “That’s why you go on social media,” he added.
Bitcoin social media sentiment is still broadly bullish
Many market participants have turned to social media to gauge general sentiment about Bitcoin, paying attention to community interactions and prediction posts.
This comes as sentiment amid the broader crypto market plummets, along with Crypto Fear & Greed INDEXwhich is the overall sentiment in the market, which posted a “severe fear” reading of 20 in its Saturday update.
However, the data from the Sentiment Platform Santiment out General social media sentiment for bitcoin (BTC) was 57.78% positive, 15.80% neutral, and 26.42% negative.
Planc said that the recent price of Bitcoin has dropped below the psychological $ 100,000 price level At $98,000 may be the local bottom for now.
PLANC forecasts a “decent chance” that Bitcoin just hit the bottom
“I think there’s a good chance, again, it’s hard to gauge the exact odds, but from my perspective, there’s a decent chance that’s the bottom,” Planc said.
“Otherwise, I don’t see us going down,” he added. Bitcoin has since bounced to $103,562, according on CoinmarketCap, but Planc warned that another short pullback could still happen.
Related: Bitcoin Crisscrosses $100k as BTC Price ‘Bottoming Phase’ Begins
“Maybe we’re going for another scare in the coming week or less,” he explained. “Maybe we go down to like 95 or something?” he added.
This was behind more forecasts from analysts in the previous week.
Bloomberg analyst Mike McGlone said in a x post on Thursday bitcoin hitting $100,000 could be “a speed bump to $56,000.”
Meanwhile, Ark Invest CEO Cathie Wood cut her long term Bitcoin price projection by $300,000.
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