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Santiment: If BTC returns to $79,000 amid a bearish market, it could deviate from retail investors' expectations.

45 minutes ago

On-chain analytics platform Santiment said in a report that community sentiment toward Bitcoin (BTC) and most altcoins has completely reversed over the past two weeks. On October 20, bullish comments on BTC were roughly 1.8 times the bearish ones, but sentiment gradually shifted bearish as prices declined. After news of the Binance hot wallet hack emerged in late October, the bull-to-bear ratio dropped to around 0.37. Following a brief sentiment rebound, bearish comments regained the upper hand as initial results from the US midterm elections showed the Democrats poised to control both chambers of Congress, with the current bull-to-bear ratio falling to approximately 0.51. Santiment noted that many retail investors view the Republican Party as more crypto-friendly, and the election outcome is bringing fresh selling pressure. The firm added that retail investor panic often serves as a contrarian indicator, so in the days after midterm election results are finalized, attention should be paid to the "buy the rumor, sell the fact" reaction. If BTC rebounds back above $79,000 while market sentiment remains bearish, it will be a strong signal that prices are starting to move against retail investor expectations.

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