Crypto sentiment platform Santiment warns against widespread consensus of price bottom, citing historical trends of true bottoms forming when majority expects further decline. Despite negative sentiment, figures like Arthur Hayes and Tom Lee maintain bullish outlook, predicting Bitcoin could reach $200,000 by year-end. Social media sentiment turns overwhelmingly negative as Bitcoin price falls. Santiment notes ratio of positive to negative comments hits one-month low, with Bitcoin dominating fearful conversations. Traders attribute price drop to Strategy chairman Michael Saylor selling off Bitcoin. Santiment suggests recent spot Bitcoin ETF outflows may indicate market bottom, with history showing outflows coinciding with retail panic and bottoms. US-based spot Bitcoin ETFs saw $1.17 billion in outflows over past three trading days, marking second-worst day on record. Santiment points out significant outflows often coincide with market bottoms.

Read more at Cointelegraph: Crypto Market Bottoms Are Never When Everyone Says They Are: Santiment