Bitcoin Market Cryptocurrency is experiencing a surge in positive sentiment, with enthusiasm from crypto enthusiasts reaching a new level as the largest digital asset undergoes a short-term price recovery, increasing the chances of further price growth in the short and long term.
Positive market sentiment for Bitcoin rises
Recently Data Report From Santiment, a leading market intelligence platform, it has been revealed that positive market sentiment around Bitcoin It has seen a significant increase as the measure reached a one-year peak, reflecting a wave of optimism among retailers and institutions. Investors.
The uptick in positive sentiment seen in investor gatherings and on social media platforms like X (formerly Twitter) may be a result of the recent price rebound and a renewed sense of hope for Bitcoin’s future, which comes after weeks of falling prices. Unification And the purchasing activity increased.
The post read:
Social media has seen a wave of positive comments about Bitcoin over the past week. So much so that for the first time in more than a year, the proportion of positive comments has more than doubled the number of negative comments.
According to the platform, the sudden euphoria felt by the general public over the leading crypto asset is worrying given the fact that prices often peak when they reach this degree of Fear of missing out (FOMO) Therefore, Santiment urges caution against traders who will “slow down their moves” and start expressing fear, uncertainty and doubt (FUD) again.
Moreover, the platform indicated that Bitcoin will actually start to challenge its current status. The all-time high of $73,000 was reached in March of this year. Once again, when the public resumes spreading doubts. This change in attitude shows how flexible and attractive Bitcoin It is considered a long-term investment asset.
With positive sentiment growing significantly during recent price recoveries, the rally suggests that investors and crypto enthusiasts are confident in the potential for a strong price rally in the coming months, potentially leading to a new all-time high.
Bitcoin whales have been on a massive buying spree in recent weeks.
The rise in Bitcoin enthusiasm is evident from the recent surge in Bitcoin accumulation by Whaleswith thousands of bitcoins being bought in the past few weeks, indicating a potential bullish sentiment among investors. James Van Straten, senior analyst at popular news organization CoinDesk, subscriber Positive development on X platform on Thursday.
According to the expert, over 116,000 BTC have been added to the net total in the last 30 days, which is about 8 times the monthly issuance. These large purchases, worth about $6.7 billion at current market prices, reflect strategic actions by whales, which are seen as a key indicator of Price increase.
Van Straten confirmed that the accumulation represents the highest net amount since July of last year. At the same time, about 50% of the net accumulation came from wallet addresses holding less than 10 bitcoins.
Featured image from Unsplash, chart from Tradingview.com