BTC bearish sentiment breaks 2018 levels & folks start calling the bottom

CryptoBry

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Quote from: dimonstration on October 09, 2019, 11:04:19 PM

As the OP posted it weeks ago that moment the price is about to reach less than 8k that can add to a more bearish sentiment, but knowing how 2018 been hat reaches almost to 3k, there is no reason to put too much sentiment now especially that BTC is not continuous in being red, This sentiments we must be familiar with since its been the trend of BTC volatility, as long as we know how effective having BTC still and still have room for more adoption we should not be worry holding it.

Market sentiments can easily be changing according to the many developments affecting the market. There is a cycle for this. Usually when people are starting to feel that Bitcoin can go dip, the sentiment can also go low which is kinda like a self-fulfilling prophecy and when there is a small jump in the price things can get rosy and exciting. I am then wondering, does the sentiment influence Bitcoin or does Bitcoin influence the sentiment? Well, that is how complex the dynamics in the market can be and with Bitcoin always holding some surprises in its sleeves I would not wonder if our predictions and projections may not perfectly come true which can lead us to get shocked or just be amazed.

dimonstration

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Dimon69

As the OP posted it weeks ago that moment the price is about to reach less than 8k that can add to a more bearish sentiment, but knowing how 2018 been hat reaches almost to 3k, there is no reason to put too much sentiment now especially that BTC is not continuous in being red, This sentiments we must be familiar with since its been the trend of BTC volatility, as long as we know how effective having BTC still and still have room for more adoption we should not be worry holding it.

magneto

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Quote from: bohr on October 08, 2019, 02:55:20 PM

Quote from: gentlemand on September 28, 2019, 08:56:57 AM

Pah. The people in this market are so pathetic and skittish that give it a $200 move upwards and it'll be back to '100k by Christmas' again.

After all this time I still find it pitiful how easily spooked or stoked people are.

That is just the nature of investors, they want to have an asset that gives them huge gains but do not want to accept the volatility that comes with it, so whenever the market moves in one direction or the other you see their feelings changing accordingly, but look at the bright side if it was not for investors like that it will be impossible to make money in the markets since everyone will be taking the right decisions all the time.

You nailed it.

BTC is one of the most interesting assets when it comes to how sentiment seems to move in accordance to price movements. Compared to traditional commodities such as gold and silver that are considered to be good stores of value historically, it seems like that market participants are much more eager to be pro-cyclical as opposed to be going against the trend or at least holding their previous positions.

There is really no reason to be panicking right now about just a few weeks of negative growth. Even if we slip into another short term bear market there shouldn't be much of an issue at all, given that fundamentals have simply not changed. Bottom-calling is just what comes with bearish sentiment naturally.

bohr

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Quote from: gentlemand on September 28, 2019, 08:56:57 AM

Pah. The people in this market are so pathetic and skittish that give it a $200 move upwards and it'll be back to '100k by Christmas' again.

After all this time I still find it pitiful how easily spooked or stoked people are.

That is just the nature of investors, they want to have an asset that gives them huge gains but do not want to accept the volatility that comes with it, so whenever the market moves in one direction or the other you see their feelings changing accordingly, but look at the bright side if it was not for investors like that it will be impossible to make money in the markets since everyone will be taking the right decisions all the time.

bitbunnny

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Current situation can't be compared with 2018 and we should put sentiments, this kind or another, away from us.
I don't think any similar situation will repeat now and there is no reason at all for panic or drama and I don't think that current correction will last too long or go too deep. But it looks that some users never learn from past experiences and they always finding reasons to spread the panic..

beerlover

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Quote from: baltasarlicht on September 27, 2019, 09:48:56 AM

Bearish sentiment across Twitter, Reddit & Bitcointalk not been that high since Dec 2018!
And folks start calling the bottom:

[im g]https://i.imgur.com/9qZR4Ta.png[/img]

2018 was a whole different thing, it wasn't a "bearish sentiment" it was literally felt like end of the world for a while, thankfully we didn't stayed around those bear times and went back up, even tho we are down once again recently it is still double the price of what it used to be, DOUBLE!

People are worried about price going down right now but they are forgetting that we already did 2x from 7-8 months ago! That is not something we can ignore, it is literally in there and I find it interesting that people would be willing to discuss price drops and bearish sentiments on a time when we doubled our price in less than a year, just because it fell to 2x profit from 3x profit doesn't mean it is a bearish sentiment, it is just that people got their profits and now watching instead of waiting for it to go even further higher.

senne

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Beaeish sentiments usually increases when price drops. Not much to care about there. But the thing to note is that BTC is struggling really hard to cross $8200 as the bears and bulls are fighting intensely at that price range and volume seems to drying up. If BTC revisits $7800, then price will go down to $7500 which will become a crucial level again. So, if BTC doesn't hold it price at this point, price may go towards touching the bottom.

magneto

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I'm not sure if you could fairly say that the bearish sentiment right now exceeds that of the 2018 bear market, because I think that is definitely a hell of an exaggeration if you ask me.

There were a lot more doomsayers in 2018 just anecdotally on this forum compared to now, with a ton of institutions that have turned their backs on bitcoin and called it a scam, etc. While right now, the fundamentals are infinitely better with institutional investors engaged, and LN deployed.

While this correction could last longer than some expect, I doubt it's going to be anything ultra-long term.

pooya87

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Quote from: GSpgh on October 05, 2019, 10:39:56 AM

So how does this work exactly? If I post bottom bottom bottom bottom bottom - does this make the bottom come sooner? Or does it have to be in the thread title?

I always wanted to be a whale and manipulate the markets, this might be my dream coming true.

haha, that is exactly what OP thinks. and you'd be surprised to see how much of this type of thinking is going around. they have even created bots for it!!!
this has been a new trend too (probably a year old). basically people fail to predict bitcoin price movements through normal ways and the more they get surprised by the moves the more ridiculous ways they come up with next to try and predict price with.
"watching the social media" is the latest weird one. there was another similar one looking at google trends to try and associate number of searches with price rises!

GSpgh

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Quote from: YuginKadoya on October 05, 2019, 03:55:18 PM

What is exactly your point? are you thinking that cryptocurrency can easily be manipulated? even if you post something like that it will not gain the most attention and most people would just notice you're just saying FUD in the market, I don't count on that kind of strategy and it is just wishful thinking on your side,

Lighten up and read the OP. The chart seems to imply that using the word "bottom" means some sort of market sentiment, not me.

YuginKadoya

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Quote from: GSpgh on October 05, 2019, 10:39:56 AM

So how does this work exactly? If I post bottom bottom bottom bottom bottom - does this make the bottom come sooner? Or does it have to be in the thread title?

I always wanted to be a whale and manipulate the markets, this might be my dream coming true.

What is exactly your point? are you thinking that cryptocurrency can easily be manipulated? even if you post something like that it will not gain the most attention and most people would just notice you're just saying FUD in the market, I don't count on that kind of strategy and it is just wishful thinking on your side,

If you want to be a whale someday then work hard and you need to establish some good decision making when you are in the cryptocurrency market it is not easy at all, even though there are stories that a kid just earn millions by investing to bitcoin, this is just coincidental occurrence the kid is pretty lucky in gaining the upper hand because he mostly gets in the bitcoin boat when the price is very low, and right now it is not the same as before lightning will not strike the second time around, and you will need to work your ass in gaining profit with cryptocurrency.

GSpgh

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So how does this work exactly? If I post bottom bottom bottom bottom bottom - does this make the bottom come sooner? Or does it have to be in the thread title?

I always wanted to be a whale and manipulate the markets, this might be my dream coming true.

pieppiep

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So this day, we see bitcoin price is down and it still down. It is going to reach below than $8k but the war is still happening in the market but the price still goes down. Somehow, I think bitcoin price will make a new adjustment or correction for a while but I don't expect to see the price will go down deeper unless many people are panic to see the situations of the market. The support in the order buy is not too big and that will break with instant sell from people who panic. But if we check on the trend, we are still at a lower price and with a little correction after this, we might see the higher price comes.

CryptoBry

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Quote from: exstasie on September 28, 2019, 12:42:18 PM

Quote from: gentlemand on September 28, 2019, 12:30:36 PM

Quote from: exstasie on September 28, 2019, 11:58:17 AM

Now I'm seeing people say "$10K is impossible" and "we're in a new bear market now" etc.

Precisely me point. It was a hefty move but not exactly unprecedented. It's happened before. I don't get why it's so hard to have just a little bit of perspective especially when it comes from people who've been around for a while.

In that way, crypto markets are no different than other markets. Stocks, whatever. You remember last December when the stock markets had a few bloody weeks? The markets were in panic and people were making comparisons to 2008 and even the Great Depression. Four months later, the S&P 500 made a new ATH. Cheesy

It's just the nature of markets.....herd mentality around fear and greed. That's why I never ignore sentiment data. When everyone is expecting the worst, the opposite usually happens, and vice versa.

As long as the cryptocurrency market is made of people, I think we can be experiencing almost the same things that also baffled many traders in the stock market. When the sentiment is really down, there would be some who will magnify a good deal of possible gloom and doom scenarios and then surprisingly days after we see that things are just forgotten as new developments already enveloped the market. In other words, it can be so easy to swing the pendulum of extreme of pessimism to optimism sometimes even without any solid reasons.

Personally, the recent dip has not shocked me at all because I am sure that eventually Bitcoin will be back on its usual game and it would not matter to me if the bull will not be officially back until 2020. All of these things are just very normal part of the ups and down cycle of the whole market and this is true not just in cryptocurrency but in many other investment vehicles as well. So we might as well relax, see a movie, have fun and get a life while waiting for the bulls to come out and dominate the whole scene.

SummerBliss

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Quote from: exstasie on September 28, 2019, 11:58:17 AM

Quote from: gentlemand on September 28, 2019, 08:56:57 AM

Pah. The people in this market are so pathetic and skittish that give it a $200 move upwards and it'll be back to '100k by Christmas' again.

After all this time I still find it pitiful how easily spooked or stoked people are.

Maybe, but this was quite a drop. The weekly candle declined 23% from top to bottom. That's nothing to sneeze at.

I'd say the change in sentiment is notable. People were acting like another bull run was in the bag, riding Bakkt hype and talking about the halving next year. Now I'm seeing people say "$10K is impossible" and "we're in a new bear market now" etc.

Bull runs are built on pessimism and disbelief. Not everyone is bearish yet but we're getting there.

I would still say there isn't much to panic about. It is still above $8000 and let's not forget the fact that it remains below $7K for most of the time in 2018. If it can recover 65% contraction of 2017-18 then this one is just a soft hit in the belly.
As we all know crypto market mainly rides on news and FOMOs and the events you mention especially halving next year are surely gonna create buzz again. I don't see any radical changes in speculative articles online. Most of them still stressing the idea that Bitcoin will cross the mark of $20K again next year.

exstasie

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Quote from: gentlemand on September 28, 2019, 12:30:36 PM

Quote from: exstasie on September 28, 2019, 11:58:17 AM

Now I'm seeing people say "$10K is impossible" and "we're in a new bear market now" etc.

Precisely me point. It was a hefty move but not exactly unprecedented. It's happened before. I don't get why it's so hard to have just a little bit of perspective especially when it comes from people who've been around for a while.

In that way, crypto markets are no different than other markets. Stocks, whatever. You remember last December when the stock markets had a few bloody weeks? The markets were in panic and people were making comparisons to 2008 and even the Great Depression. Four months later, the S&P 500 made a new ATH. Cheesy

It's just the nature of markets.....herd mentality around fear and greed. That's why I never ignore sentiment data. When everyone is expecting the worst, the opposite usually happens, and vice versa.

buwaytress

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@bithodler yeah it is isn't it? Kind of funny for me too how a lot of people also jump on the posts of others here and defend it with such fervour. Not really much different from Twittersphere or wherever else tbh.

But anyway, it's all fun and games and the more people tale it so seriously the more I enjoy it yay.

gentlemand

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Quote from: exstasie on September 28, 2019, 11:58:17 AM

Now I'm seeing people say "$10K is impossible" and "we're in a new bear market now" etc.

Precisely me point. It was a hefty move but not exactly unprecedented. It's happened before. I don't get why it's so hard to have just a little bit of perspective especially when it comes from people who've been around for a while.

If they wish to wallow in that sentiment and let it colour their moves then they should feel free. No one else is going to care and whatever happens won't pander to that attitude.

exstasie

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Quote from: gentlemand on September 28, 2019, 08:56:57 AM

Pah. The people in this market are so pathetic and skittish that give it a $200 move upwards and it'll be back to '100k by Christmas' again.

After all this time I still find it pitiful how easily spooked or stoked people are.

Maybe, but this was quite a drop. The weekly candle declined 23% from top to bottom. That's nothing to sneeze at.

I'd say the change in sentiment is notable. People were acting like another bull run was in the bag, riding Bakkt hype and talking about the halving next year. Now I'm seeing people say "$10K is impossible" and "we're in a new bear market now" etc.

Bull runs are built on pessimism and disbelief. Not everyone is bearish yet but we're getting there.

gentlemand

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Pah. The people in this market are so pathetic and skittish that give it a $200 move upwards and it'll be back to '100k by Christmas' again.

After all this time I still find it pitiful how easily spooked or stoked people are.

el kaka22

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People having bearish taught is not really that important in bitcoin world. Normally what the price is decided is what people think it will do, because when people think it will go up they buy and because they buy it goes up, and when they think it goes down they sell so the price should go down.

However, even though that should be what happens, the reality is that there could be thousands upon thousands of people who do trades according to their feelings, there comes one or two whales who do thousands of bitcoins worth of trades and then it moves to another direction, so people sell because they think it will go down then a whale buys a bunch and it goes up or people think it will go up so they buy but a whale comes up and sells even more so it goes down.

pooya87

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that really isn't a good metric to look at. there are certain times where bitcoin price makes an unpredictable move like the past couple of days or the start of this year when it went below $6k and it surprises everyone so there is obviously a lot more topics being created about "the bottom" and the "sentiments", etc. but it really doesn't show anything about the actual "market sentiment" which can be anything even if the topics say something else.

BitHodler

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Quote from: buwaytress on September 27, 2019, 11:21:34 AM

I must say the forum here also is beginning to see some of the doomsayers come out more actively with their "I told you sos". Usually this is a good time for me to whip out my invoice book and start chasing debts;)

This forum is a great representation of the overall crypto market in terms of measuring the sentiment. I however don't think that it means the bottom is in or that we're near a bottom, so I would wait a bit before jumping in.

Bearish sentiment can drag on for months straight where the sentiment turns worse each month that goes by. I really think we have to see some form of capitulation selloff before going back up again.

I also want to see the mainstream media like CNBC turn bearish for some time to actually be more comfortable about the current price action. Lately, they have been extremely bullish and we saw what the price did....

buwaytress

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New metric for me, but I wonder if there's data that stretches back farther than that? I'd love to see 2016 when I properly entered, cause I remember a lot of no hopers and people trying to convince me I missed out already and was too late.

I must say the forum here also is beginning to see some of the doomsayers come out more actively with their "I told you sos". Usually this is a good time for me to whip out my invoice book and start chasing debts;)

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Quote from: exstasie on September 27, 2019, 10:31:09 AM

I don't think the market has bottomed yet based on the price action but that could be an indication we're getting close.

I also do not, I would not be surprised with figures below the $7k mark. But I do think that whatever bottom the value settles at would be a historic level, and we would not go below that again after the price bounces back from this period of dip.

exstasie

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Quote from: baltasarlicht on September 27, 2019, 09:48:56 AM

Bearish sentiment across Twitter, Reddit & Bitcointalk not been that high since Dec 2018!
And folks start calling the bottom:

Thanks for sharing. It does look like bearish sentiment is approaching December 2018 levels. I don't think the market has bottomed yet based on the price action but that could be an indication we're getting close.

Does Augmento have any free data feeds? The site is hard to navigate.

baltasarlicht

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Bearish sentiment across Twitter, Reddit & Bitcointalk not been that high since Dec 2018!
And folks start calling the bottom:

https://i.imgur.com/9qZR4Ta.png

Topic: BTC bearish sentiment breaks 2018 levels & folks start calling the bottom (Read 346 times)