Bitcoin price action has not reached a new all-time high in over three months

The sentiment level situation has become very critical for Bitcoin investors and traders, this because the Bitcoin price action has not reached a new all-time high in over three months, which has led to feelings of extreme pessimism.

In this regard, "The recent bear market turmoil has dented the high levels of bullish commentary and euphoria surrounding the Bitcoin price, which could indicate a possible market low."

According to Prashant Jha, "Data from cryptocurrency analytics firm Santiment shows that bullish comments about Bitcoin on social networks such as X, Reddit, Telegram, 4Chan and BitcoinTalk have decreased significantly in recent weeks."

However, "over the past three months, optimism has gradually waned as traders have lost confidence in the markets due to bitcoin's failure to make new all-time highs."

Now, "Historically, every four-year halving cycle has resulted in a new all-time high for bitcoin after the event. The price of bitcoin usually starts to rise about a month before the halving driven by anticipation of further shortages."

Cointelegraph. Bitcoin social sentiment decline may signal market bottom. Link

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