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Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K


Bitcoin’s recent price rebound has shifted traders’ sentiment to levels not seen in 16 months, according to data tracking positive and negative social media comments about Bitcoin.

“Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month,” Santiment wrote in a July 27 X post, as Bitcoin (BTC) currently trades at $67,708, up 6.22% since July 25, according to CoinMarketCap data.

Source: Santiment

Santiment explained that its Weighted Sentiment Index — a metric that measures Bitcoin mentions on X and compares the ratio of positive to negative comments — is at a “16-month high positive sentiment.”

“The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars,” it added.

Sentiment spikes with anticipation building ahead of Trump’s Bitcoin 2024 speech

The spike in positive sentiment comes as anticipation has been building over the past few weeks for former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27, where he declared his goal to make the US the “Crypto capital of the world.”

He predicted that “one day” Bitcoin would overtake gold, gushing that “Bitcoin is not just a marvel of technology, as you know it’s a miracle of cooperation and human achievement.”

Related: Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low

Immediately following his speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve,” proposing that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.

The Crypto Fear & Greed Index showed a “Greed” score of 71, up 24 points since June 28.

Index quickly rebounds from flashing red

Meanwhile, it was only a month ago that the Weighted Sentiment Index was showing a surge in negative comments about Bitcoin while its price was 4% lower, trading around $65,000 on June 21.

“This extended level of FUD is rare, as traders continue to capitulate,” Santiment wrote in a June 20 X post.

“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K,” it added.

Magazine: Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame