According to Santiment, nearly half of the crypto-related social media mentions this week were about Bitcoin, which reached new highs. This dominance may indicate a short-term top or a possible local peak.
“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 Wednesday report.
Bitcoin prices have dropped due to the soaring Bitcoin talk
“43.06% of all crypto discussions were about $BTC just as the coin’s market value was peaking,” Quinlivan said. Quinlivan added. “the sudden spike was indicative of many retail traders FOMO’ing in,” Several other industry members believe that the retail market is still a long way off.
On July 11, Bitwise head of research André Dragosch said, Bitcoin (BTCRetail is still struggling to keep up with the booming economy. “almost nowhere to be found.”
On Monday, just three days later, Bitcoin reached an all-time high of $123,100 Before retracing back to $117.011 as of the publication date, Binance’s price was at $2,039,905. according Nansen Data
Quinlivan noted that although rising sentiment about Bitcoin may be positive at first glance, the history of social media shows that price drops are frequently followed by spikes.
“Wait for the euphoria to cool down some, and you’ll likely find another key entry point coming up,” He said.
Quinlivan recently warned that similar increases in investor optimism may occur. were followed by Bitcoin price drops On both June 11th and July 7th.
Bitcoin analysts are confident that Bitcoin’s surge will continue
Some analysts, however, say that this upward trend will likely continue.
On Wednesday, CryptoQuant analyst Axel Adler Jr The absence of a Bitcoin peak, a signal that appears when he market becomes overheated. “we’re not at a peak yet.”
Related: Bitcoin resistance at $120K hints at consolidation before impulse rally to $135K
Galaxy Digital’s CEO, however, has a different view. franchise trading, Michael HarveyBitcoin is likely to go through a temporary consolidation after the recent rise in price. However, another push up by the end of July remains possible.
“Consolidation around current prices is my base case given the large rally and new ATH,” Harvey spoke to Cointelegraph.
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Source: cointelegraph.com
