Crypto traders’ current fear won’t last long, analysts say
Analysts tell Cointelegraph that Bitcoin reclaiming $117,000 and a Federal Reserve rate cut would be key drivers of positive sentiment.
Crypto traders have swung into more negative sentiment and deeper fear, uncertainty, and doubt (FUD), according to the onchain analytics platform Santiment, but analysts say it’s likely only temporary.
Santiment said in an X post on Tuesday that with the price of Bitcoin (BTC) falling, and altcoins going through a retrace period, traders have been increasingly talking about selling, the market sinking lower or a bear market.
It added that markets often “move opposite to the crowd’s expectations,” so the last “couple of weeks of FUD is an encouraging sign that this feared large retrace will never actually happen.”
