Bitcoin ATH bull run unlikely if social sentiment runs too hot — Santiment

Bitcoin may not post a new all-time high any time soon as crypto market sentiment is at its highest level in months, according to Santment.

On Sept. 30, onchain analytics platform Santiment said those anticipating a new Bitcoin all-time high may need to wait until the crowd “slows down their own expectations.”

It looked into social sentiment data, noting that there are currently 1.8 bullish posts about Bitcoin for every bearish post.

“Markets historically always move in the opposite direction of the crowd’s expectations.”

Sentiment has turned extremely bullish over the past two weeks, with Bitcoin prices steadily climbing about 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.

BTC is on track to record its best-ever September in terms of gains, which have been around 12% so far.

Casa chief security officer Jameson Lopp observed that mainstream media was also shifting to positive territory.

“Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time,” he said in a post on X on Sept. 29.

Additionally, the Bitcoin Fear and Greed Index, which also measures market sentiment, has returned to greed levels with a rating of 61 on Sept. 30.

It was in the depths of “extreme fear” only weeks ago, when the index fell to 22 on Sept. 6, one of its lowest levels of the past year.

Bitcoin Fear and Greed Index is 61 ~ Greed
Current price: $65,653 pic.twitter.com/9lOs3K4iWr

— Bitcoin Fear and Greed Index (@BitcoinFear) September 30, 2024

On Sept. 29, Cointelegraph reported that the demand for stablecoins in China was bearish, which could also delay a Bitcoin ATH. When dollar-pegged stablecoins trade at a discount rather than a premium in China, it indicates bearish sentiment.

Bitcoin is currently trading at $64,406, about 12.6% down from its March all-time high of $73,734, according to CoinGecko.

Additionally, the asset was retreating sharply during early trading on Sept. 30, falling almost 2% in the past six hours to the time of writing.

Source: https://cointelegraph.com/news/bitcoin-bull-run-face-hurdles-social-sentiment-peaks-santiment