Santiment Warned: The Bottom for Bitcoin Has Not Yet Formed!
Maksim Balashevich, the founder of Santiment, stated that the level of fear specific to the formation of a bottom in the crypto markets has not yet emerged, warning that downward movement in Bitcoin prices may continue.
In a YouTube video published on Friday, Balashevich emphasized that optimism is still strong across social media. He argued that this outlook is not conducive to a permanent bottom formation, expressing that Bitcoin could pull back towards the $75,000 level.
The $75,000 region is on the agenda: Excessive optimism overshadows bottom formation
Balashevich noted that the $75,000 level is technically a “very attractive” area, stating that it would not be surprising for the price to approach this level further.
The foundation of this cautious stance lies in the strong belief among investors that the recent pullback will come to an end soon. According to Balashevich, true market bottoms shape in an environment of widespread pessimism, fatigue, and fear rather than hope and optimism.
A separate report released by Santiment on the same day also highlighted a similar point. The report stated that the market has not yet feared enough to form a bottom.
Balashevich mentioned that expectations of a renewed rise are being discussed, particularly on online platforms where individual investors are concentrated, noting that macro developments such as interest rate decisions in Japan are fueling this optimism.
“The general belief is that those who are caught in the downturn will see a movement upwards from here. Frankly, these are not the statements I want to see,” he assessed.
