$BTC Bitcoin 43% social chat dominance suggests 'key entry point' ahead
Santiment says the “historic social dominance spike” may indicate another buying opportunity for Bitcoin in the near term.
Nearly half of all crypto-related mentions on social media this week centered around Bitcoin as it hit new highs, a level of dominance that may signal a local top and a potential short-term pullback, according to sentiment platform Santiment.
“As Bitcoin's market value crept above $123.1K for the first time in its 17+ year history, there was an equally historic social dominance spike,” Santiment analyst Brian Quinlivan said in a report on Wednesday.
Surging Bitcoin chatter has led to price dips
“43.06% of all crypto discussions were about $BTC just as the coin’s market value was peaking,” Quinlivan added. Quinlivan said that “the sudden spike was indicative of many retail traders FOMO’ing in,” challenging the view held by several other industry participants who believe retail investors have yet to enter the market.
On July 11, Bitwise head of research André Dragosch said, Bitcoin
$118,078
is at new all-time highs, but retail is “almost nowhere to be found.”#CryptoMarket4T #GENIUSAct #BTCWhaleTracker
