Bitcoin Sentiment Resets as Key Price Indicator Hits Eight-Month Low

Bitcoin has experienced a “healthy reset” in bullish sentiment due to a key BTC price indicator reaching eight-month lows. On June 27, popular analyst On-Chain College highlighted on X (formerly Twitter) that classic patterns are repeating on the Bitcoin Mayer Multiple. Although Bitcoin remains at $60,000, a notably bearish sentiment has followed its recent 17% dip. As reported by Cointelegraph, the Crypto Fear & Greed Index is nearing its 2024 lows, and there is little optimism among average hodlers on social media for a price rebound. The Mayer Multiple, however, suggests that a recovery might be imminent. This indicator measures