The bearish influence does not appear to have waned yet, as the minor upswing has made the upcoming price action, pretty vague. Ever since the beginning of the 2022 bear market, investors have been under huge FUD. However, in times of bullish breakouts, these sentiments tend to change, but only for a short time frame. During the last breakout, the BTC price soared beyond $30,000, but the market sentiments continued to remain bearish.
The market participants, now, appear to have become well-versed with the ongoing trend and hence believe the BTC price may surely drop after consolidating for a while. As per the data from a well-known on-chain platform, Santiment, the traders now look out for better buying opportunities and expect a drop from $27,000 to $29,000 in the coming days.
The above charts display the social volume which is nothing but the search volume of Bitcoin with specific queries. While the searches regarding buying bitcoin, or bottom or bought or bullish etc have slumped significantly, the searches for sell or selling or sold or bearish is making new highs. Therefore, now that market sentiment has turned bearish, more chances of a bearish pullback can be expected.
Besides, a couple of analysts still believe the current rise is nothing but the biggest bull trap of the year and that the BTC price may surely drop below $25,000 initially and continue plunging until it reaches $20,000 or below. Therefore, from this it can be analysed that the bearish market has not yet finished as the final nail in the coffin is yet to be ramped.
