Data shows the Bitcoin sentiment on social media has turned the most negative since the COVID crash, indicating that the bottom could be near.
Bitcoin Weighted Sentiment Has Been Negative Recently
As an analyst on Twitter pointed out, BTC’s sentiment is in deep red right now. The relevant indicator here is the “weighted sentiment” metric from the on-chain analytics firm Santiment, which, as its name already suggests, hints about the general sentiment among investors in the cryptocurrency market.
To understand how this indicator works, two other metrics it’s based on must be looked at first. The first is the “sentiment score,” which analyzes social media posts on the major platforms with a machine learning algorithm to check whether the users are being negative or positive about Bitcoin right now and finds the total market sentiment in a score.
Naturally, the green values of this score imply that the net sentiment in the market is positive currently, while red values suggest
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