Bitcoin ATH Bull Run: Santiment Warns of Possible Price Correction Despite Bullish Sentiment
Since the sentiment surrounding the cryptocurrency market is at its greatest point in months, Santiment believes that Bitcoin may not set a new all-time high anytime soon. 1.8 bullish posts for every bearish post about Bitcoin are currently made, according to an analysis of social sentiment data.
Markets historically always move in the opposite direction of the crowd’s expectations.
Santiment
Over the last two weeks, sentiment has become incredibly bullish, as Bitcoin prices have risen gradually by almost 14%, from below $58,000 on September 17 to above $66,000 on September 28. With gains of nearly 12% thus far, Bitcoin is poised to post its best-ever September. Moreover, the negative demand for stablecoins in China, as reported by Cointelegraph on September 29, may postpone the ATH of Bitcoin. Dollar-pegged stablecoins are a sign of bearish sentiment in China when they trade at a discount as opposed to a premium.
Bitcoin Sentiment Shifts: Fear and Greed Index Reaches Greed Levels at 61
Jameson Lopp, the chief security officer of Casa, noticed that the mainstream media was also moving in a more positive direction. In a post on X on September 29, he stated that mainstream media’s perception of Bitcoin is beginning to change for the better as FUD continues to fade.
Furthermore, with a rating of 61 on September 30, the Bitcoin Fear and Greed Index has reverted to levels associated with greed. Only a few weeks prior, on September 6, the index reached its lowest point of the year, 22, which put it in the levels of extreme fear.
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