Crypto even Analysis firm Alphractal evaluated the current market conditions and stated that sentiment on social media platform Twitter and news organizations remained predominantly optimistic towards cryptocurrencies.
According to the firm, this optimism could pave the way for a market decline that could provide a better entry point for new investments.
Alphractal noted the historical relationship between market sentiment and Bitcoin’s price movements. “Negative sentiment on Twitter and news sites often coincided with local price bottoms, especially for Bitcoin,” the company said.
Sentiment analysis algorithms track and classify public sentiment as negative, neutral, or positive. Alphractal explained that when negative sentiment prevails, Bitcoin’s price often bucks the trend and reaches a local bottom before rebounding. “This change leaves many traders worried and skeptical as prices begin to rise again,” the company added.
The report also noted that layer-1 blockchain tokens face high risk in both the short and long term. SUI drew attention. Alphractal suggested that a correction, potentially resulting from liquidation patterns, was the most likely outcome.
According to the firm’s 7-day analysis of aggregate liquidation levels, the price of SUI could rise as high as $5 to liquidate remaining bear positions. Additionally, 30-day liquidation levels indicate an increased likelihood of long liquidation in the near future, putting pressure on the asset.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/analiz-sirketi-bir-altcoinde-duzeltme-alarmi-verdi/
