Bitcoin analyst PlanC has warned in a new post that many recent sellers may be trying to change the market trend in their favor by being active on social media and predicting a price drop.
“If you’re selling, you want the price to go down,” he says. “Newbie sellers are raising their voices on social media to try to make up for the Bitcoin crash.”
While the crypto fear-greed index has fallen to “extreme fear” and Bitcoin has fallen 16% in the past 30 days, sentiment data shows that 57% of sentiment on social media is still positive, meaning retail investors are still hopeful for a price rebound.
Plansee believes that a temporary bottom for Bitcoin may have formed at $98,000 and that further declines are unlikely, although a short-term swing to around $95,000 is possible. Bitcoin is now showing signs of consolidation, having returned to the $103,000 mark, but investors should be wary of potential selling pressure from whales.
