Crypto market sentiment data suggests traders have not yet reached the level of fear typically associated with a confirmed market bottom, raising the possibility of further downside for Bitcoin (CRYPTO:BTC).
According to analysis from Santiment, social media discussions remain overly optimistic despite recent price weakness across the digital asset market.
Santiment founder Maksim Balashevich warned that Bitcoin could still fall towards the $75,000 region before a sustainable recovery takes shape.
It looks very tempting to come even closer to it.
Maksim Balashevich said. referring to the potential downside price target discussed during a recent video appearance.
A decline to $75,000 would represent a drop of roughly 15% from Bitcoin’s current trading range near $88,000, based on market pricing data.
Balashevich said his caution stems from the tone of online commentary, where many traders continue to expect a rapid reversal rather than prolonged weakness.
The crowd isn't scared enough for a bottom.
Santiment said in a report released alongside the commentary.