Crypto merchants are becoming more and more optimistic on social networks on the chances of Bitcoin to recover $ 110,000, but the wave of optimism is not always a good sign, explains the analysis platform of the health blockchain.
“It is quite clear that the crowd begins to salivate on a potential market value of $ 110,000 + Bitcoin,” said Brian Quinlivan, Santiment analyst, at Cointelegraph.
Bitcoin Haussier comments on the rise of three weeks
Santiment data show that for each Bitcoin comment (BTC), there are now 1.51 bullish comments – the highest feeling ratio in the last three weeks. The data have been removed from several platforms, notably X, Reddit, Telegram, 4chan, BitcoinTalk and Farcaster.
Although the increase in feeling may seem positive, Fortlivan warned that similar peaks in the optimism of the trader were followed by droppings of Bitcoin on June 11 and July 7.
“As we know, the prices are evolving in the direction opposed to the expectations of the crowd, the retail trade perpetually loses money from too emotional decisions,” he said.
Fourlivan underlined the negotiation activities on Monday, where an increase in bullish comments coincided with Bitcoin with a local summit of $ 109,595, before quickly recovering at $ 107,681.
“We have seen clear signs that the retail trade buys in the growing momentum of the Bitcoin Prize,” he said.
“Sweet Pollback” on the Bitcoin table before a new top of all time
Fortlivan thought that Bitcoin would probably see a “mild removal” before crossing its summit of $ 111,970, which he reached on May 22. Bitcoin is negotiated at $ 108,791 at the time of publication, up 2.84% in the last seven days, according to CoinmarketCap data.
Fourlivan also noted that Bitcoin whale wallets – those holding between 10 and 10,000 BTCs – have shown little recent activity, which could report caution on the market.
In relation: Bitcoin Price won 72% and 84% the last two times that BTC holders have done this
“For the moment, these portfolios have been somewhat suspicious,” said Fortlivan, adding that the whales sold 14,140 BTC in last week.
“When they accumulate, prices often follow closely. When they pour or even stop accumulating temporarily, this often points out that market values through crypto can see declines. ”
However, he stressed that the long -term trend remains optimistic, indicating six months of regular accumulation by whales and sharks.
Macro opposite winds are in front of
Javier Rodriguez-Alarcon, commercial director of the XBTO digital active trading company, told Cointelegraph that several upcoming events could test the resilience of the global cryptography market in the coming weeks.
While his previous concerns concerning the deadline for American prices linked to the American president Donald Trump was relaxed after his late until August 1, Rodriguez-Alarcon underlined other macroeconomic factors that could still influence the trajectory of Bitcoin prices.
He said that the release of a few minutes from the federal reserve on Wednesday could have an impact on the wider market of cryptography and cause “significant opposites for risk assets”.
Review: Bitcoin vs stablecoins.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
