The bull run could continue despite the negative sentiment surrounding Bitcoin, here’s why

Bitcoin is off to a good start this year, likely shaking off any bad sentiment it may have caught over the past year and on the cusp of its longest winning streak in nearly a decade. The likelihood of the 2023 bull run continuing is increasing, according to a leading analytics firm, as negative sentiment towards Bitcoin (BTC) and the crypto markets more broadly increases

Santiment reported: “Traders’ skepticism IMPROVES the likelihood that prices will continue to rise. Prices will generally move in the direction that the crowd deems least likely.”

Bitcoin fundamentals are strong and according to Santiment, BTC’s current supply has shifted towards self-custody. This suggests that traders are still withdrawing good amounts of Bitcoin from exchanges, choosing to keep the cryptocurrency private rather than storing it on exchanges.

“There is now $416.5 billion of BTC removed from exchanges and $29.2 billion of BTC on exchanges. So there are 14.26 times the coins from exchanges compared to exchanges.”

Best and worst coin mood

The coins with the best and worst sentiment over a three-month period were identified by new data from SmartBettingGuide.com (October 2022 to January 2023). The analysis identified the coins with the most and least positive online dialogue after analyzing over 840,000 editorial and social media posts.

The coin with the most favorable cryptocurrency sentiment is Uniswap, which tops the list. Uniswap is designed to be easy to use and fully compatible with all ERC-20 tokens. It also features a user-friendly design that is easy to use. Ethereum ranks second in the top ten public support rankings.

Polkadot has the highest negative sentiment and is at the top of the rankings. Solana is divisive, ranking second at 8% on both our lists of the top ten positive and negative assets.

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