Social media is “burying” Bitcoin. What does this mean for the cryptocurrency’s price?

As Santiment notes, such spikes in negative sentiment have often preceded market reversals in the past. They emphasized that “crypto markets often move against the crowd when it becomes too confident that the uptrend is over,” RBC reports.

When talk of the “death of cryptocurrencies” intensifies and Bitcoin continues to hold key levels, “strong hands” keep accumulating assets while sellers exit the market, Santiment explains. In their view, this picture makes the current situation attractive for “patient buyers.” Historically, widespread claims about the “death” of cryptocurrencies have emerged when selling pressure had already run its course.

The previous surge in such rhetoric was observed in June, when the Bitcoin price fell below $60,000 per coin twice, hitting its lowest level since late 2024. After that, the cryptocurrency’s price recovered by about 10% from its low within a week or two.

The “fear” scenario Santiment refers to in the current environment (as of August 14) is not related to a price drop, but rather to a lack of volatility and low trading volumes. It is also due to the fact that crypto investors have shifted their focus to trading stocks of traditional companies, commodities, and other assets from the traditional financial sector.