The growing number of calls to “buy immersion” on social networks after the 5% decrease in Bitcoin during the past week could indicate more downward for the cryptography market, says the Santimenta feeling platform.
“Clearly, in general, in the markets, people are getting anxious and try to find some places of entry now that prices have cooled a little,” said Santiment analyst Brian Quinlivan in a video published on YouTube on Saturday.
Santiment said in a separate report published on the same day that the mentions of the social networks of “buying the fall” have increased significantly in the middle of the recession of the encryption market, which can be a warning signal for the market.
“Do not interpret the talk ‘Buy the immersion’ as a definitive lower signal. A true market floor often coincides with a generalized fear and a lack of interest in purchase,” said Santiment.
“A real background is often formed when the crowd loses hope and is afraid to buy,” Santiment added.
The feeling is recovering as merchants anticipate the Altcoins season
The total capitalization of the cryptocurrency market is $ 3.79 billion at the time of publication, of approximately 6.18% in the last seven days, according to CoinmarketCap.
Meanwhile, Bitcoin (BTC) is quoted at $ 108,748 at the time of publication, approximately 5% during the same period. On August 14, Bitcoin reached a new maximum of $ 124,128.
It is often echoed among cryptographic analysts who move opposite to what retail merchants expect, and history suggests that when more people think that the market has reached a background, it can actually indicate more inconvenience.
The feeling of the market is recovering slowly, with the Crypto Fear & Greed index returning to a “neutral” score of 48 out of 100 on Sunday, after immersing yourself in “Fear” in 39 out of 100 the previous day.
Some merchants speculate that the recoil of the cryptographic market of the recent Bitcoin maximums could be a sign that the long -awaited season of Altcoin is approaching.
You can bring the “Mega Altstera,” says the merchant
Crypto Trader Ash Crypto pointed out in an X publication the same day that “Altcoins are now the most overst.”
“Even during the Covid accident, the FTX collapse or the rates wars, they were not so oversized,” said the merchant, suggesting that it could be a sign of a “mega high season” similar to the great manifestations of 2017 and 2021.
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On Thursday, the Coinmarketcap Altcoin season index changed from the “Bitcoin season” to the “Altcoin season”, reaching a score of 60 out of 100 at the time of publication.
Meanwhile, said Crypto Trader AK47, with a “possible fed rate cut and the approval of Altcoin ETF this autumn, the next rally could be huge.”
The CMM Fedwatch tool shows that market participants see 86.4% chance that the United States Federal Reserve reduces interest rates for the first time this year in September, which is generally seen as a bull sign for cryptography as investors seek greater returns in more risky assets.
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