Santiment, one of the respected analysis companies of the cryptocurrency market, reveals interesting data on this subject. It has been observed that positive comments about Bitcoin have decreased significantly in the last few weeks on popular social media platforms such as Twitter, Reddit, Telegram, 4chan and BitcoinTalk. This shows that investors’ confidence in the Bitcoin market has decreased and excitement has been replaced by question marks.

Technically, the Bitcoin price has been flat since the halving in April. Market analysis by Santiment reveals that investors are demoralized due to Bitcoin’s failure to reach new highs. Prior to the halving, investors’ optimistic comments about the Bitcoin market were at their peak in early April. This was due to expectations that the halving would push the Bitcoin price up.

However, expectations did not come true. Bitcoin price did not rise after the halving. While this situation created disappointment in the market, it caused investors to adopt a cautious attitude.

A noteworthy point is that negative comments in the Bitcoin market have decreased. However, this decrease is not as sharp as the decrease in positive comments. This may indicate that investors have not completely exited the market, but have simply taken a waiting position.

Santiment emphasizes that the waning enthusiasm around Bitcoin could be a potential bottom signal. A bottom signal indicates an upcoming market trend reversal. When an asset is undervalued or trading at its lowest point, investors often view the bottom as a buying opportunity. In terms of technical analysis, the lowest support level of the asset is called the “bottom”.

Looking at Bitcoin’s historical performance, it seems that new peaks are recorded after halving events that occur every four years. Bitcoin price usually begins to rise about a month before the halving in anticipation of increasing scarcity. However, this rise does not occur immediately after the halving. After the halving, there is usually a horizontal trend or a consolidation phase before a new rise.

Bitcoin analyst Willy Woo predicts that BTC price will recover “after weak miners are eliminated and hashrate [network processing power] recovers.” Woo reminds that it took 24 days for the hashrate to recover in 2017, and only eight days in 2021, and states that the recovery in 2024 has taken 61 days so far. This may suggest that the Bitcoin market is following a different course than past cycles and that the recovery process has not yet been completed.

Another popular Bitcoin analyst, Rekt Capital, states that Bitcoin continues to trend horizontally in the reaccumulation range after the halving. The upper resistance level of this range is around $71,500, while the lower support level is around $60,600, which is the current BTC price.

There is uncertainty in the Bitcoin market. The decline in social media activity and the horizontal price chart may herald a bottom period. However, historical data and analysts’ comments also indicate that the Bitcoin market is still in the early stages of recovery and a potential rise may occur.