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Santiment says the ratio of bullish to bearish Bitcoin comments on social media has hit a three-week high as traders grow more optimistic about Bitcoin breaking above $110,000.
Markets News
Crypto traders are becoming increasingly bullish on social media over Bitcoin’s chances of reclaiming $110,000, but the surge in optimism isn’t always a good sign, says blockchain analytics platform Santiment.
“It’s pretty clear that the crowd is starting to salivate over a potential $110K+ Bitcoin market value,” Santiment analyst Brian Quinlivan told Cointelegraph.
Bullish Bitcoin comments surge to three-week high
Santiment data shows that for every bearish comment on Bitcoin
$113,569
, there are now 1.51 bullish comments — the highest sentiment ratio in the past three weeks. The data was pulled from multiple platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk and Farcaster.
“As we know, prices move in the opposite direction of the crowd’s expectations as retail perpetually loses money from overly emotional decisions says the ratio of bullish to bearish Bitcoin comments on social media has hit a three-week high as traders grow more optimistic about Bitcoin breaking above $110,000.
Crypto traders ‘starting to salivate’ as Bitcoin inches back toward $110K
Markets News
Crypto traders are becoming increasingly bullish on social media over Bitcoin’s chances of reclaiming $110,000, but the surge in optimism isn’t always a good sign, says blockchain analytics platform Santiment.
“It’s pretty clear that the crowd is starting to salivate over a potential $110K+ Bitcoin market value,” Santiment analyst Brian Quinlivan told Cointelegraph.
Bullish Bitcoin comments surge to three-week high
Santiment data shows that for every bearish comment on Bitcoin
BTC
$113,569
, there are now 1.51 bullish comments — the highest sentiment ratio in the past three weeks. The data was pulled from multiple platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk and Farcaster.
Quinlivan noted that spikes in bullish commentary on June 11 and July 7 were both followed by declines in Bitcoin’s price. Source: Santiment
While rising sentiment may seem positive, Quinlivan cautioned that similar spikes in trader optimism were followed by Bitcoin price drops on both June 11 and July 7.
“As we know, prices move in the opposite direction of the crowd’s expectations as retail perpetually loses money from overly emotional decisions
