Bitcoin might perhaps presumably well also honest not post a recent all-time excessive any time quickly as crypto market sentiment is at its top likely level in months, in step with Santment.
On Sept. 30, onchain analytics platform Santiment acknowledged those waiting for a recent Bitcoin all-time excessive might perhaps presumably well also honest have to back unless the crowd “slows down their maintain expectations.”
It looked into social sentiment files, noting that there are in the intervening time 1.8 bullish posts about Bitcoin for every bearish post.
“Markets historically continuously pass in the fallacious plan of the crowd’s expectations.”
Sentiment has was extremely bullish over the previous two weeks, with Bitcoin (BTC) prices frequently hiking about 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.
BTC is heading in the right kind path to legend its excellent-ever September through beneficial properties, which maintain been round 12% up to now.
Provide: Santiment
Casa chief security officer Jameson Lopp observed that mainstream media modified into as soon as additionally transferring to certain territory.
“Bitcoin sentiment is transferring positively in mainstream media as FUD fails to stand up to the test of time,” he acknowledged in a post on X on Sept. 29.
Additionally, the Bitcoin Misfortune and Greed Index, which additionally measures market sentiment, has returned to greed ranges with a rating of 61 on Sept. 30.
It modified into as soon as in the depths of “excessive alarm” easiest weeks ago, when the index fell to 22 on Sept. 6, one of its lowest ranges of the previous year.
Bitcoin Misfortune and Greed Index is 61 ~ Greed
Latest stamp: $65,653 pic.twitter.com/9lOs3K4iWr— Bitcoin Misfortune and Greed Index (@BitcoinFear) September 30, 2024
Associated: 3 indicators that Bitcoin stamp is not ready to make a recent all-time excessive
On Sept. 29, Cointelegraph reported that the request for stablecoins in China modified into as soon as bearish, which might perhaps presumably well additionally prolong a Bitcoin ATH. When greenback-pegged stablecoins change at a slit value moderately than a top rate in China, it signifies bearish sentiment.
Bitcoin is in the intervening time shopping and selling at $64,406, about 12.6% down from its March all-time excessive of $73,734, in step with CoinGecko.
Additionally, the asset modified into as soon as taking flight sharply at some stage in early shopping and selling on Sept. 30, falling nearly 2% in the previous six hours to the time of writing.
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