{"id":51731,"date":"2024-10-01T01:38:00","date_gmt":"2024-10-01T01:38:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-bull-run-face-hurdles-social-sentiment-peaks-santiment"},"modified":"2024-10-01T04:15:18","modified_gmt":"2024-10-01T04:15:18","slug":"bitcoin-bull-run-unlikely-as-long-as-social-sentiment-runs-too-hot-santiment","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51731","title":{"rendered":"Bitcoin bull run unlikely as long as social sentiment runs too hot \u2014 Santiment"},"content":{"rendered":"

Bitcoin may not post a new all-time high any time soon as crypto market sentiment is at its highest level for months, according to Santment.<\/p>\n

On Sept. 30, onchain analytics platform Santiment stated that those expecting a new Bitcoin all-time high may need to first wait until the crowd \u201cslows down their own expectations.\u201d<\/p>\n

It looked into social sentiment data, adding that there are currently 1.8 bullish posts about Bitcoin for every 1 bearish post.<\/p>\n

\u201cMarkets historically always move in the opposite direction of the crowd\u2019s expectations.\u201d<\/p><\/blockquote>\n

Sentiment has turned extremely bullish over the past fortnight or so with BTC prices steadily climbing around 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.<\/p>\n

Moreover, BTC is on track to record its best-ever September since inception in terms of gains which have been around 12% so far.<\/p>\n

\"\"
Source: <\/em>Santiment<\/em><\/p>\n<\/figcaption><\/figure>\n

Casa chief security officer Jameson Lopp observed that mainstream media was also shifting to positive territory.<\/p>\n

\u201cBitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time,\u201d he said in a post on X on Sept. 29.<\/p>\n

Additionally, the Bitcoin Fear and Greed Index, which also measures market sentiment, has returned to greed levels with a rating of 61 on Monday, Sept. 30.<\/p>\n

It was in the depths of \u2018extreme fear\u2019 only weeks ago when the index fell to 22 on Sept. 6, one of its lowest levels for the past year.<\/p>\n

\n

Bitcoin Fear and Greed Index is 61 ~ Greed
\nCurrent price: $65,653 pic.twitter.com\/9lOs3K4iWr<\/p>\n

\u2014 Bitcoin Fear and Greed Index (@BitcoinFear) September 30, 2024<\/p><\/blockquote>\n

Related: <\/strong><\/em>3 signs that Bitcoin price is not ready to make a new all-time high<\/strong><\/em><\/p>\n

On Sept. 29, Cointelegraph reported that demand for stablecoins in China is 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.<\/p>\n

Bitcoin is currently trading at $64,406, around 12.6% down from its March all-time high of $73,734, according to CoinGecko.<\/p>\n

Additionally, the asset was retreating sharply during early trading on Sept. 30, falling almost 2% over the past six hours to the time of writing.<\/p>\n

Magazine: <\/strong><\/em>CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler\u2019s Digest, Sept. 22 \u2013 28<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin may not post a new all-time high any time soon as crypto market sentiment is at its highest level for months, according to Santment. On Sept. 30, onchain analytics platform Santiment stated that those … Bitcoin bull run unlikely as long as social sentiment runs too hot \u2014 Santiment<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51735,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin bull run unlikely as long as social sentiment runs too hot \u2014 Santiment - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51731\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin bull run unlikely as long as social sentiment runs too hot \u2014 Santiment - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin may not post a new all-time high any time soon as crypto market sentiment is at its highest level for months, according to Santment. 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