Data shows that the positive sentiment around Bitcoin has spiked on social media after BTC’s return above $58,000, implying investors may feel FOMO.
Bitcoin Positive vs. The Negative Sentiment Ratio has risen Recently
Data from an analytics firm SantimentThe crowd recently showed a sudden surge of optimism about Bitcoin. This is where the indicator for relevance comes in. “Positive Sentiment vs. Negative Sentiment Ratio,”The ratio of negative and positive comments made on social media about any given coin is tracked by this tool.
The analytics firm sources posts/threads/messages from platforms like Twitter, Reddit, Telegram, and 4Chan. Santiment runs these posts through a machine-learning algorithm to see if they are positive or negatively slanted.
If the value of the indicator is greater than 1, then the positive comments outnumber the negative. A threshold value under 1 indicates that social media users are more likely to have negative feelings.
Here is the chart showing the Positive Sentiment Ratio vs. Over the past couple of months, the Negative Sentiment Rate for Bitcoin and Ethereum has been:
After the emergence of Bitcoin, the graph shows that the positive and negative sentiments have risen dramatically. latest Bitcoin recovery.
In the social media, this peak corresponds with twice as many posts positive as those negative. It is the first instance that the indicator has been at such a high.
The optimism scale may be alarming, even though it indicates the bullishness of the investors. BTC’s historical tendency to rise is the reason for this. against As the odds of something going wrong increase, so does the confidence of the crowd.
After a slight price rise, the positivity has increased dramatically. FOMO may be taking over the market a bit too soon. It could be a sign of a possible top in Bitcoin. As for when BTC’s fates might turn bullish again, the analytics firm says:
Search for traders “slow their roll”Start expressing FUD once more. BTC is going to begin its real test of market value when people start expressing doubts again.
It’s interesting to note that while FOMO is sweeping social media in relation to Bitcoin, users still show a moderate amount of optimism when it comes Ethereum. This could naturally play into the favor of ETH’s price.
BTC Price
Bitcoin continues to struggle with a sustained rise above $58,000. Today, the coin was rejected at $57,800.
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Source: www.newsbtc.com
