Optimistic twitter feedback associated to Bitcoin are close to a 6-month excessiveThe final time the sentiment was this excessive, was throughout the Bitcoin halving in MightThat is the fourth time Bitcoin’s Twitter sentiment has been at these ranges since 2017That is regardless of the latest dip to $16,300 rangesExcessive Bitcoin sentiment could possibly be one other signal of a potential prime by BTC
Optimistic twitter feedback with respect to Bitcoin (BTC) are nearing a 6 month excessive. That is in response to information from the workforce at Santiment who additionally level out that unfavorable feedback have been on a decline. The workforce additionally plotted Bitcoin’s worth (gray) alongside each optimistic (inexperienced) and unfavorable commentary (crimson) as seen within the following chart.
Supply, Santiment Feed
From the chart above, it may be noticed that the final time Bitcoin’s optimistic Twitter commentary was this excessive, was throughout Might’s Bitcoin halving occasion. Again then, traders have been very optimistic concerning the long run worth of Bitcoin regardless of the Coronavirus crash of mid-March having occurred only some weeks prior.
4th time Bitcoin’s Optimistic Twitter Commentary is that this Excessive
The workforce at Santiment additional identified that this was the fourth time that Bitcoin has had a optimistic Twitter commentary this excessive. That is regardless of the King of Crypto experiencing a 16% dip to the $16,300 space. The workforce elaborated on this through the next assertion and accompanying chart.
Bitcoin has edged up this Saturday, as optimistic commentary has remained optimistic regardless of the -15.6% retrace right down to $16,370 on Thanksgiving. That is solely the 4th time since 2017 that $BTC sentiment has swayed this optimistic.
Supply, Santiment Feed
Bitcoin’s Optimistic Sentiment Might Imply BTC Has Topped
From the above chart, it may be famous that Bitcoin skilled a big pullback on the final three events that its Twitter sentiment was this excessive. Which means the present excessive Bitcoin optimistic sentiment might sign an area prime for BTC.
The Concern and Greed index additional offers proof of a potential prime because it has been consistently above 80 for the reason that starting of November. In the identical month, the Concern and Greed index has reached 94 on three events and is at the moment at 87.
Traders being optimistic or grasping about Bitcoin is often a tell-tale signal that it may be time to start out taking earnings. Proof of this may be seen a number of days in the past when a number of Bitcoin whales bought their baggage when BTC hit $19,300 and earlier than the collapse to $16,300.