Here is the Top comment, and the comment with most karma points in the last hour, in the daily threads of 4 different subreddit (at time of publication):
r/bitcoinmarkets Top comment, most pts in last hour
r/ethfinance Top comment, most karma points in last hour
Considering counter-sentiment theory (where positivity may suggest downward trend and negatively a upward trend), these could be used as input for determining the price trend of crypto markets. You can ask yourself if they are bullish in sentiment, an how bullish, or if they express a mood or attitude.
It may help for the short to medium term time-frame. Outside of that, it may be good to get input from other information sources or insights.
Since publishing this insight BTC dropped from about $9630 to about $9380, and has recovered to about $9545. This seems to have been enough to shake of the complacency previously reported, with comm like:
”Mondays have always been bloody right?”
”Is it me or does Bitcoin's weekly chart not look good at all?”
This does not necessarily mean the drop has finished, but if we are already seeing things like this then it’s a good sign for growth.
In different places in crypto social media one may notice a general consensus that 10k will be broken at some point. And there are those who say that even if it were to dump they would not be worried by it, and would even buy it. And, the talk of needing a higher low before gains seems to have final gone.
It suggests the possibility of a dump actually happening, enough to shake off the sense of complacency that has formed. It’s a tough call and this insight is just to say we should not be surprised if it happens. Furthermore, what suggests there are still gains to be made in the not too distant future, is the lack of enthusiasm and jubilance right now. There isn’t a party atmosphere.
In Crypto Reddit some negative expressions have now come for BTC, suggesting support can be found.
”now we dump back to 8k” 14 pts
”Stock to flow is nothing more than a wannabe deterministic approach of something that completely ignores issues like a global recession..And every model is inaccurate.” 4 pts
“Can't wait for this model to die in a fire. The cult following over two data points..is so stupid.” 2 pts
”Monthly close is a big one for Bitcoin. Just barely holding monthly support but looks like it will - however the weekly looks bearish.“
”Out of longs for no..this sub is retarded, nothin but a bull echo chamber/circlejerk downvoting most bearish comments and upvoting anything bullish with no evidence..This sub was full of idiots years ago and it is the same now..” 8 pts
”Please fuck off.” 3 pts
Here is the tweet reporting the movement of the coins. Take a look at the reactions. Predominantly very bearish opinions expressed in regard to it. Examples: ”Short Time!!!“, “Dump it!”, “We gon die!”. And there are interesting gifs. Some are quite exited about the prospect of a dump. Things like this can be a good sign for BTC growth, with respect to counter-sentiment speculation.
There was no Reddit reaction at this point to the pump of ETH above $200 and the rise rise of BTC to $8880. And prior this it was quiet there, and with a few concerns expressed. From a counter-sentiment perspective when speculating, this may be a good sign for a bit of growth in price.
Also, Crypto Kirby has flipped quite bearish. How high profile traders feel can be quite useful for counter sentiment speculation
Note that all this doesn’t necessarily mean the markets have reached the absolute bottom of this dumping, but may be approaching one.
Apparently $9000 BTC is not what it used to be, for traders. If this very recent assessment of sentiment is correct then, according to counter-sentiment theory, there is the possibility that the stalling of the BTC price here is something bulls need not be concerned about.
ETH is tagged to as it may suggest the stalling of ETH price could soon be over too.
With the rise to $209 for ETH you can see on Reddit some bullishness and FOMO, and appreciation of news:
“Y’all got anymore of that $200 ETH? My funds just cleared and I wanted to buy right at the line. 😭“ 14pts
Huuuuge. Rollups coming to Reddit's community points!
The good news don't stop on the ETH train. CHOO CHOO MOTHERFUCKERS” 40pts
“Come on you beauty... that’s it... keep going, keep going to the moon 🌓” 17pts
“I'll try to do a little writeup about the Baseline protocol later today...It's THE news we have all been waiting for.” 46pts
Therefore, it’s price may stall.
Tagged BTC too as an effect on it can be inferred. This is from a BTC subreddit:
“Oof, ETH going on a tear right now...I think our local bottom is in, and we'll be retesting the higher highs in a not so distant future. Long here from $9,200.” 24pts
Sorting the bitcoinmarkets subreddit by “Best” gives the following comments in the top 3:
“The last couple of days have seen my buy high sell low philosophy really blossom” - 23 pts
“I am proud to say that for the first time in my life I finally have a full BTC..just going to step away for a bit” - 21 pts
“closed my short at 8800, I think we'll see some kind of bounce here . . . happy weekend everyone” - 19 pts
The bullish attitude (which includes the 1st one which suggests it made a “low”) would suggest there could be more downward market movement, from the point of view of counter-sentiment trading. Further to this point, during this dumping everyone on crypto subreddits has been very dismiss of the movement of the old coins as a cause for concern, and a large portion reject the idea they are Satoshi‘s coins.