Bitcoin Price Approaches $70,000, But Is the Market Truly Bullish?
As the price of Bitcoin approaches $70,000, traders’ posts have become more optimistic, causing a change in market attitude. But before the market can be genuinely characterized as bullish, one trader cautions that it isn’t quite there yet.
I don’t think the sentiment is that bullish currently,
independent crypto analyst Matthew Hyland
Although some in the crypto industry may be inconsistent with their emotional responses, he asserts that a shift in market sentiment also calls for an increase in the interest of individual investors.
This place is an echo chamber, so it’s easy to be convinced sentiment is one way or the other; in reality, the outside world has given a fraction of the attention they gave Crypto in 2021,
Hyland
Bitcoin’s 9% Price Surge Drives Fear and Greed Index to Greed Zone
In the meantime, the Crypto Fear and Greed Index, which gauges present feelings and attitudes regarding Bitcoin and the larger cryptocurrency sector, indicates that market players are in an optimistic zone. With a greed score of 72, the index has increased by 23 points from its neutral value of 49 on October 12. The price of bitcoin has risen 9.37% since October 12, and well-known traders have also been expressing optimism about price chart updates.
An analytics firm cautioned that excessive frothiness may cause a market reversal, even while a rise in the number of bullish posts from the cryptocurrency community can also reveal an increase in sentiment. Those expecting a new Bitcoin all-time high might have to wait until the crowd lowers their own expectations, according to Santiment, an on-chain analytics platform, which released its findings on September 30. According to its analysis of social sentiment data, there are currently 1.8 posts about Bitcoin that are bullish for every post that is negative.
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