Bitcoin Bulls Hit 7-Month High as BTC Flirts with Record Price
Bitcoin sentiment hits a seven-month high, with positive comments outpacing negatives 2.12 to 1. This follows multiple price breakouts past $110,000. Although institutional adoption drives gains, retail interest remains low. Current market sentiment is bullish, but Google Trends show declining public interest compared to past highs.
Bitcoin has been making headlines this week, with the cryptocurrency logging several breakouts past the $110,000 mark, pushing bullish sentiment to a seven-month peak. This surge harkens back to the excitement surrounding the election of former President Donald Trump. As reported on June 11 by crypto analytics platform Santiment, the positive comments about Bitcoin on social media outnumber the negatives by a significant margin of 2.12 to one.
The last time sentiment was this high was shortly after Trump secured his presidency. On that date, Bitcoin had just crossed the $70,000 threshold for the first time. The current bullish trend is not just due to retail investors, as institutional and nation-state adoption have driven recent price gains. However, an uplift in retail interest could significantly enhance Bitcoin’s momentum in the market.
As per Santiment’s analysis on June 11, there were around 504 positive Bitcoin remarks compared to 237 negative ones, reflecting this favorable sentiment among the community. The platform tracks discussions across major platforms, including X (formerly Twitter), Reddit, Telegram, and more, showcasing a broad interest that is beginning to shift positively.
Currently, Bitcoin is priced at $108,635, which is a notable drop of 3% from its recent all-time high of $112,000 on May 22. The market sentiment is still robust, as evidenced by the Crypto Fear & Greed Index, which scores a bullish 71 out of 100, placing it firmly in the “greed” zone, though still distant from the extreme high of 94 observed on November 22, following Trump’s win.
That score marked a significant uptick, as Bitcoin soared from a low of $67,700 to nearly $100,000 just weeks later. Conversely, Google Trends data reveals a less optimistic scenario, indicating that retail interest has not yet rebounded. The keyword “Bitcoin” currently holds a score of 32 out of 100 in search interest, which significantly lags behind its peak of 100 recorded in mid-November last year.
These mixed signals illustrate a complicated landscape. While positive sentiment among Bitcoin commentators rises, retail investor enthusiasm appears tepid compared to previous cycles. In fact, the current Google Trends score is only 19 compared to the highs seen in late 2017, suggesting a much more cautious public approach to cryptocurrency at this stage. In summary, while sentiment is bullish and institutional adoption is strong, the retail sector’s slow recovery poses questions about future price movements and overall market sustainability.
To conclude, Bitcoin is experiencing a notable surge in positive sentiment, fueled by recent price movements and institutional interest. Despite these bullish signs reflected in social media, retail investor engagement seems stalled, as indicated by low Google search interest. Moving forward, the market could see significant implications depending on how retail sentiment evolves in this ongoing cycle.
Original Source: cointelegraph.com
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