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Home Cryptocurrency news Bitcoin

Poll Shows Crypto Sentiment Overly Bearish, Contrarian Bitcoin Price Move Incoming

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Poll Shows Crypto Sentiment Overly Bearish, Contrarian Bitcoin Price Move Incoming
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After a strong rejection at $14,000, Bitcoin’s parabolic rally is in jeopardy of being erased, especially the most recent move between $10,000 and $14,000 before flash crash occurred that knocked out a number of crypto exchanges and took down Bitcoin price by $2,000 in mere minutes.

Following such a powerful rally from lows around $3,000 to the local high of $14,000, a substantial correction is expected by most. However, when the crypto market is overly bearish, Bitcoin price often moves in a contrarian manner, doing the opposite of what traders and analysts are expecting. With much of the market expecting a deep correction below $10,000, one has to wonder if bearish targets will ever be reached.

Crypto Traders Lean Bearish, But Bull Run Could Leave Them Behind

A new Twitter poll sheds light into the current sentiment of crypto traders across the internet. At the time the poll was launched, Bitcoin was trading at $10,600. During the time it was live, Bitcoin price feel below $10,000 and already is back around a price level near where the poll was initially launched, and the poll has only skewed more bearish as a result.

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The majority of traders are expecting a correction down to $8,400 before another attempt at $12,800 is made. With Bitcoin’s rally stopped in its tracks at $14,000, crypto analyst, traders, and investors alike are expecting a deeper than average correction, and are readying their buy orders to “buy the dip” and load up their bags with sub-$10,000 BTC.

Related Reading | Bitcoin Price (BTC) At Risk Of Correction Below $10,000, Reverse FOMO Trigger? 

Except, when sentiment is overly bearish, and the market is expected to move in a certain direction, it often moves in the opposite, as the more obvious direction is the more crowded and less profitable trade.

Lingering Bear Market Blues: Bitcoin Price To Surprise Traders

This sort of occurrence is the definition of a short-squeeze. Traders expect downward movement, so they open short positions. However, when the price moves contrary to their positions, they’re forced to close their shorts, further driving up the price. It’s traders preemptively getting into positions that creates the opportunity for a larger entity to counter-trade against them.

If the majority of crypto traders are hoping to buy Bitcoin back at low $9,000s, $8,000s, $6,000s – and targets of $3,000 or lower are even out there – it may never happen, and traders may be stuck watching the price take back off without them, forcing them to FOMO buy back in later and drive the price up even higher.

Related Reading | Majority of Crypto Investors Never Experienced Bear to Bull Transition

This sort of tactic works best at the start of bull markets when sentiment is still recovering from the bearish downtrend. Traders have become accustomed to falling prices, and shorting peaks – a recipe for short-squeezes that drive rallies higher and higher.

If Bitcoin can break through $14,000, the main resistance above is the previous all-time high of $20,000. Once that Bitcoin breaks that previous high, all bets are off an anything is possible from there.

Tags: bitcoinbitcoin pricecryptopollsentimenttwitter
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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