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In his new post, Bitcoin analyst PlanC warned that many recent sellers, active on social media and anticipating a price crash, may be trying to change the market trend in their favor.
He says:
“If you’ve sold, you want the price to go down. “Novice Sellers Raise Their Voices on Social Media to Embrace the Fall of Bitcoin.”
While the Crypto Fear and Greed Index has dropped to “Severe Fear” and Bitcoin is down 16% in the past 30 days, sentiment data shows that 57% of sentiment on social media is still positive, meaning retail investors are still hoping for a price rebound.
Plancy believes Bitcoin’s temporary bottom may have been formed at $98,000 and further declines are unlikely, although a short-term swing to around $95,000 is possible. Bitcoin is now showing signs of consolidation, returning to the $103,000 mark, but investors should be wary of possible selling pressure from whales.
Cointelegraph
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