Originally published on: September 30, 2024
Bitcoin enthusiasts eagerly awaiting a new all-time high may need to temper their expectations, according to the latest data from Santiment. The on-chain analytics platform revealed that the current level of social sentiment surrounding Bitcoin is at its peak in months, hinting that an ATH bull run may not be imminent.
Santiment’s analysis showed that there are currently 1.8 bullish posts about Bitcoin for every bearish post circulating in the crypto community. This surge in positive sentiment has coincided with a steady rise in Bitcoin prices, with BTC climbing approximately 14% from below $58,000 on September 17 to over $66,000 on September 28.
Jameson Lopp, Chief Security Officer at Casa, noted that even mainstream media coverage of Bitcoin has taken a positive turn, signaling a broader shift towards a bullish outlook. The Bitcoin Fear and Greed Index, another key indicator of market sentiment, has also regained greed levels, reaching a rating of 61 on September 30 after plunging to extreme fear levels just weeks ago.
Despite the recent optimism, factors like bearish demand for stablecoins in China could potentially hinder Bitcoin’s path to a new ATH. When dollar-pegged stablecoins trade at a discount rather than a premium in China, it suggests a bearish sentiment that may impact Bitcoin’s price trajectory.
As of now, Bitcoin is trading at around $64,406, marking a 12.6% decline from its March all-time high of $73,734. The asset experienced a sharp retreat in early trading on September 30, with a nearly 2% drop in the past six hours.
With the crypto market experiencing a mix of bullish and bearish signals, including heightened social sentiment and market dynamics, the wait for Bitcoin’s next all-time high may be longer than anticipated. Stay tuned for more updates on the evolving landscape of digital assets.
