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Bitcoin has tended to move in the opposite direction when retail investor optimism or pessimism on social media reaches extremes, according to analytics firm Santiment.
Santiment said bullish Bitcoin calls surged across social media platforms including X, Reddit and Telegram on Sept. 20, but the price later fell. By contrast, after bearish expectations peaked on Oct. 15, Bitcoin rebounded, Santiment said. The firm added that tracking points when investor sentiment reaches extremes through social media data as a daily contrarian indicator could help identify potential market opportunities.