According to data from Santiment, the relationship between social sentiment and crypto bullish and bearish price directions has been forming a new dynamic.
In a tweet, the crypto social sentiments analysis platform noted that swing trades during the month had been dictated by how often bullish and bearish calls are happening despite the long-term negative sentiment.
Notably, prices have been moving in the opposite direction to the crowd’s expectations during October. The price of Bitcoin (BTC), regarded as the benchmark cryptocurrency, has spiked when social platforms show too much bearish sentiment, while it has dropped when crowd sentiment has been highly bullish.
Per Santiment’s data, the trend has so far been observed on several days, including Oct. 7, when bearish calls were followed by a bounce, and Oct. 8 and 11, when bullish calls on social platforms were succeeded by a price dip.
Source: https://zycrypto.com/new-metrics-reveals-why-crypto-market-prices-swing-bullish-or-bearish/