Santiment: If BTC returns to $79,000 amid the bearish trend, it may diverge from retail expectations.
BlockBeats news, November 4th: On-chain data platform Santiment posted that sentiment in the Bitcoin and most altcoin communities has completely flipped within two weeks. On October 20th, bullish comments on BTC were about 1.8 times the number of bearish ones, after which sentiment gradually turned bearish as prices fell. After news of the Binance hot wallet hack emerged in late October, the bullish-to-bearish ratio briefly dropped to about 0.37. After a brief recovery in sentiment, as preliminary results of the U.S. midterm elections showed Democrats were poised to control both chambers of Congress, bearish comments once again gained the upper hand, with the current bullish-to-bearish ratio falling back to about 0.51. Santiment noted that many retail investors view the Republican Party as the side more friendly to crypto policy, and the election results are bringing new selling pressure.
Santiment believes that retail panic can often serve as a contrarian reference, and in the days after the midterm election results are finalized, attention should be paid to a "sell the expectation, buy the fact"-style reaction. If BTC reclaims $79,000 while the crowd remains bearish, that would be a relatively strong signal that price is beginning to move against retail expectations.
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