According to the recent statistics pulled from the high ranking social network, Twitter, it has shown that Bitcoin price positivity has reduced drastically. Recall that after Bitcoin underwent the halving event that happened in May in which the crypto saw its rewards reduced to half. Twitter, which is home to numerous Bitcoin analysts, witnessed so many positive reviews after its halving event. After the halving that took place, Bitcoin was expected to make a surge like it does after every halving but it has not happened yet.
In the same vein, Bitcoin has seen its fear and greed downgraded from the neutral stance that it made in May to a more fearful stance in June. With Bitcoin currently trading in a little more than the $9,000 region, it has been locked in a bearish zone weeks after the halving happened. According to Santiment, a data analysis company, it said that the number of positive reviews witnessed by Bitcoin on Twitter on May 12 was the highest ever recorded. According to the website, it noted that the figure of positive reviews on the digital asset a day after the halving stood at 781.5.
Santiment records a downturn in Bitcoin positive and negative review
Looking down some few weeks after the halving event, the value of Bitcoin’s positive reviews on Twitter has dropped drastically after witnessing a sharp decline. Presently, Santiment reports that the value is steadily moving towards the lowest ever figure at 327. According to the website, it mentions that the figures are a result of the price movements witnessed by the digital asset. Looking back at a typical example in July 2019 after Bitcoin witnessed a price surge to sell at $14,000, the positive review figures surged. Immediately the digital asset started to make a downward trend, the figure also followed.
Another example is the sell-off that occurred in March after Bitcoin went from trading at around $7,000 to around $3,000. After the plunge, the negative review witnessed by the coin went to a yearly high figure of over 200. Asides the fact that the positive mentions are making a downward turn, the negative reviews are also moving in a downward turn. With this movement in mind, it corroborates recent data from Google which noted that interest in the leading digital asset has reduced drastically.
Bitcoin presently in fear index
The fear and greed index is measured according to the general sentiment as regards a particular commodity in the financial market and is usually measured from 0 to 100. It uses various data like social media presence, sales volume, surveys, and volatility. In the same yearly time frame, Bitcoin Fear and Greed Index has performed really badly. For instance, Bitcoin was in the greed index when the price was around $12,000 in July, which was followed by weeks in the fear zone as the price kept reducing.
The most fearful state ever recorded was seen in March this year when the price went as low as half its previous price. The index moved from greed to extreme fear in the consecutive weeks but things gradually went to normal when the halving was approaching. Ever since the halving, it has been moving in a tight range but it is presently at the fear index at 41. However, these indexes should not be seen as a yardstick to predict the price range.