Crowd sentiment towards Bitcoin has continued to drop as the entire crypto market struggles to reclaim previous highs.
According to data shared by crypto market intelligence firm Santiment, public opinion towards Bitcoin is currently negative and has fallen to its lowest value since October 2020. Bitcoin’s negative sentiment may be headed for even lower levels if the current trend is sustained for much longer. Santiment wrote:
The current Bitcoin sentiment remains at extreme negative levels that our algorithm hasn’t seen since October 2020. If BTC ranges for much longer, the negative commentary will likely surpass this mark, making it the most bearish since June 2018.
Meanwhile, the market’s Crypto Fear and Greed Index gauge was 25 as of press time, suggesting that “Extreme Fear” has gripped investors.
Since Elon Musk sent the crypto market into a state of panic in May, Bitcoin has been struggling to stay above $40k. The poor market conditions have been further exacerbated by China’s move to clamp down on Bitcoin mining and trading. As of press time, the flagship cryptocurrency was exchanging hands at $33,600.