Sentiment: 'BTC Drop at Similar Level to Early July… Fails to Stimulate Low Price Buy Psychology'

Sentiment: 'BTC Drop at Similar Level to Early July… Fails to Stimulate Low Price Buy Psychology'

## Cryptocurrency Sentiment Analysis Cryptocurrency on-chain analysis platform Santiment has diagnosed that "this recent Bitcoin drop is at a similar level to early July, and it has not yet stimulated investors' low price buy psychology" through its X metrics suite. Santiment added that "the psychological price point at which traders start buying at a low price is expected to be $60,000 for BTC and $2,900 for ETH." According to CoinMarketCap, BTC is currently trading at $60,834.30, down 5.83%. ### Bitcoin's Price Performance Bitcoin has been on a roller coaster ride in recent weeks, falling from an all-time high of over $67,000 in November 2021 to a low of $56,000 in January 2022. The has since recovered to above $60,000, but it remains below its all-time high. ### Investor Psychology The recent drop in Bitcoin's price has led to some investors becoming hesitant to buy. Santiment's analysis suggests that investors are waiting for the price to drop even further before they start buying. This is a common psychological phenomenon known as "buying the dip." ### Outlook It is difficult to say when Bitcoin's price will start to rise again. However, Santiment's analysis suggests that investors are waiting for the price to drop further before they start buying. This could mean that the price could continue to fall in the short term.