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Crypto traders are increasingly bulls on social media about the chances of bitcoins to regenerate $ 110,000, but the increase in optimism is not always a good sign, says the analytical platform Blockchain.
“It is quite clear that the crowd is beginning to salivate over the potential market value of $ 110,000,” said Santiment analyst Brian Quinivan Caintlegraph.
Bull Bitcoin Comments Overvoltage for three weeks
Data Santiment shows that for any bearish comment to bitcoin (BTC), now there are 1.51 bull comments – the highest sentiment ratio in the last three weeks. The data was pulled from multiple platforms, including X, Reddit, Telegram, 4chan, Bitcointalk and Farcaster.
While the growing sentiment may seem positive, Quinivan warned that similar spikes in the merchant optimism were followed by a decline in the prices of Bitcoins 11 June and 7 July.
“As we know, prices move in the opposite direction to the crowd expectations, because retail is constantly losing money from excessive emotional decisions,” he said.
Quinivan pointed to business activity on Monday, where the increase in the Bull’s comments coincided with Bitcoin, which hit the local peak $ 1095, and then quickly withdrew to $ 107,681.
“We have seen clear signs that the retail is buying into the increasing momentum of the price of bitcoins,” he said.
“Slight move” on the table for bitcoins before the new maximum of all time
Quinivan believed that Bitcoins would probably see a “slight move” before it passes its historically highest $ 111,970, which reached 22 May. Bitcoin is traded for $ 108,791 at the time of publication, which is 2.84% in the last seven days. according to for CoinMarketcap data.
Quinivan also noted that Bitcoin Whale Wallets – those holding 10 to 10,000 BTC – have shown a small recent activity that could signal caution on the market.
Related: Bitcoin price gained 72% and 84% last twice BTC holders did it
“So far, these wallets were somewhat suspicious flat,” Quinivan said, adding that the whales had sold 14,140 BTCs in the last week.
“When they accumulate, prices often monitor carefully. When they fold or even temporarily stack, they often indicate that market values across the crypt can see a certain decline.”
He stressed, however, that the long -term trend remains bull and shows at six months of constant storage with whales and sharks.
Macro headframes lie in front of us
Javier Rodriguez-Alarcon, Chief Sales Director of the Company XBTO Digital Assets, said Caintelegraph that several upcoming events could test the resistance of the overall crypto market in the coming weeks.
While his previous concerns about the US deadline tied to US President Donald Trump was released after his delay in 1 August, Rodriguez-Alarcon emphasized other macroeconomic factors that could still affect the Bitcoin Awards.
He said that the release of entries from the Committee on the Determination of Federal Reserve rates in the middle may have an impact on the wider crypto market and cause “significant against risk assets”.
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This article does not contain investment counseling or recommendations. Every investment and business step includes a risk and readers should do their own research in decision -making.
