As long as social sentiment is so hot, Bitcoin can’t bull run – Santiment
Bitcoin may not post a new all-time high anytime soon, as sentiment in the crypto market has been at a multi-month high, according to Sentiment.
On September 30, onchain analytics platform Santiment said those expecting a new bitcoin all-time high should first wait for the public to “lower their expectations.”
Looking at social sentiment data, there are currently 1.8 bullish posts about Bitcoin for every 1 bearish post.
“Markets have historically always moved in the opposite direction to what the public expected.
Sentiment has been extremely bullish over the past twelve weeks, with BTC's price rising 14% from below $58,000 on September 17th to above $66,000 on September 28th.
Moreover, BTC is on track to record its best September since its inception, with a gain of around 12%.
Source: Santiment
Jameson Loup, Chief Security Officer of CASA, noted that the mainstream media is moving into positive territory.
In an article posted on X on September 29, he said that “Bitcoin sentiment is changing positively in the mainstream media” as FUD has not stood the test of time.
Additionally, the Bitcoin Fear and Greed Index, which measures market sentiment, returned to a greedy level at 61 on Monday, September 30.
When the index fell to 22 on September 6 weeks ago, it was in ‘deep fear', one of the lowest levels of the past year.
Bitcoin Fear and Greed Index 61 ~ Greed Current Price: $65,653 pic.twitter.com/9lOs3K4iWr
— Bitcoin Fear and Greed Index (@BitcoinFear) September 30, 2024
Related: 3 Signs Bitcoin Price Isn't Ready to Make New All-Time Highs
On September 29, Cointelegraph said stable coin demand in China could delay Bitcoin ATH. When a stable currency pegged to the dollar trades at a discount to a premium in China, it signals bearish sentiment.
According to CoinGecko, Bitcoin is currently trading at $64,406, down about 12.6% from its March all-time high of $73,734.
The asset was also retreating sharply in early trading on September 30, down 2% in the last six hours to the time of writing.
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