The Bitcoin Market is experiencing a surge in positive sentiment, with the enthusiasm of cryptocurrency enthusiasts reaching a new high as the largest digital asset experiences a brief price recovery, raising the chances of further price growth in the short and long term.
Positive sentiment in the Bitcoin market is on the rise
In a recent data report From Santiment, a leading market intelligence platform, it was revealed that the positive market sentiment around Bitcoin has witnessed a significant rise as the metric hit a 1-year peak, reflecting a wave of optimism among retail and institutional investors. investors.
The rise in positive sentiment seen at investor meetings and on social media platforms like X (formerly Twitter) could be a result of recent price rebounds and a renewed sense of hope for Bitcoin’s future, coming after weeks of price fluctuations. consolidation and increasing purchasing activity.
The message said:
Over the past week, there has been a surge of positive comments about Bitcoin on social media. So much so that, for the first time in over a year, the proportion of positive comments is more than double the amount of negative comments.
According to the platform, the sudden euphoria of the general public over the flagship cryptocurrency asset is alarming due to the fact that prices often peak when this degree of Fear of missing out (FOMO) is present. Santiment therefore urges caution against traders who will “slow down” and start expressing fear, uncertainty and doubt (FUD) once again.
Furthermore, the platform noted that Bitcoin will really begin to challenge its current… The all-time high of $73,000 was reached in March of this year Once again, when the public is once again spreading doubts, this change of attitude demonstrates how resilient and attractive it is. Bitcoin It is a long-term investment asset.
As positive sentiment has grown significantly during recent price rallies, the rise implies that investors and crypto enthusiasts are confident that a strong price rally could occur in the coming months, possibly leading to a new all-time high.
BTC whales on a massive buying spree in recent weeks
The rise in enthusiasm for Bitcoin is evidenced by the recent surge in Bitcoin accumulation by whaleswith thousands of BTC purchased in recent weeks, indicating a possible bullish sentiment among investors. James Van Straten, senior analyst at popular news outlet Coindesk, shared Positive development on the X platform on Thursday.
According to the expert, over 116,000 BTC have been added to the net total in the past 30 days, which is about 8 times the monthly issuance. This significant purchase, valued at a staggering $6.7 billion at the current market exchange rate, reflects the strategic actions taken by whales, which is considered a key indication of a price increase.
Van Straten noted that the accumulation marks the highest net amount since July last year. Meanwhile, around 50% of the net accumulation comes from wallet addresses holding less than 10 BTC.
Featured image from Unsplash, chart from Tradingview.com
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