Bitcoin Sentiment Spikes After Mild Price Jump: Crowd Too Excited Too Quickly?

Data shows that the positive sentiment around Bitcoin has spiked on social media after BTC’s return above $58,000, implying investors may feel FOMO. Bitcoin Positive Vs. Negative Sentiment Ratio Has Spiked Recently According to data from the analytics firm Santiment, the crowd has recently shown a sudden burst of optimism around Bitcoin. The indicator of [...]

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Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip

Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below $66,000, a sign that FOMO is active in the market. Bitcoin Investors Are Displaying FOMO After The Recent Decline As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the [...]

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Bitcoin Sets New All-Time High Above $69,000 As Institutionals Show FOMO

Bitcoin has set a new all-time high (ATH) above the $69,000 level as institutional investors have aggressively bought on Coinbase. Bitcoin Has Set A New ATH Above $69,000 The moment that every Bitcoin investor had been looking forward to has finally arrived today. The cryptocurrency just smashed past the record set in November 2021 to [...]

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Will Bitcoin Break $74,000 Driven By TradFi FOMO?

Willy Woo, an on-chain analyst, believes the Bitcoin upswing is far from over. Citing the development in the Bitcoin Macro Oscillator and the possibility of traditional finance jumping on the bandwagon (FOMO), the odds of BTC rallying in at least two strong legs up in the coming session could not be discounted.  On-Chain Data Signals More Upside For Bitcoin In a post on X, Woo remains confident about what lies ahead for the world’s most valuable cryptocurrency. Based on on-chain development, there are indicators that the coin may firmly push higher, breaking above the current lull. Related Reading: AI Tokens Fetch.AI, AGIX, OCEAN Talk Merger, Surge Double Digits Bitcoin remains mostly range-bound when writing, trading within a tight zone capped by $73,800 on the upper end and $69,000 as immediate support. Even with analysts being confident of what lies ahead, the coin has failed to overcome strong selling momentum from sellers to breach all-time highs in a buy-trend continuation. From how the coin is set up, the current sideways movement may be accumulation or distribution, depending on the breakout direction. For instance, any upswing above $72,400 might spur demand, lifting the coin towards $73,800. Conversely, losses below $69,000 and the middle BB might see BTC slump to March 5 lows or even lower. Will TradFi FOMO And Short Squeeze Lift BTC? Even with the slowdown in upside momentum, Woo says there is strong potential for “another solid leg up.” The analyst also added that there could be two surges if TradFi investors “FOMO” into Bitcoin. In the 2017 bull run, the rally to $20,000 was primarily due to retailers jumping in and FOMOing on the coin.  With spot Bitcoin exchange-traded funds (ETFs) available in the United States, speculation is that more institutions and high-net-worth individuals are buying the coin. If BTC rips higher, breaking $74,000, more inflow will likely be into the multiple spot Bitcoin ETFs, fueling demand. Related Reading: Litecoin ETF Rumors Fuel 10% Surge As Institutions Hint At Interest This bullish outlook comes when other analysts expect Bitcoin to surge in the sessions ahead. In a post on X, one analyst says the incoming short squeeze will likely propel the coin above March highs. Whenever a short squeeze happens, prices rise, forcing sellers to buy back at higher prices, accelerating the uptrend. The assessment is behind a record-breaking gap between institutional investors betting on price increases and hedge funds selling the coin.  Feature image from DALLE, chart from TradingView

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Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180

On-chain data suggests more than 533,330 addresses FOMOd into Bitcoin above $70,180. Following the latest plunge, these investors would all be in losses. Over 500K Bitcoin Addresses Have A Cost Basis Between $70,180 & $71,340 As pointed out by analyst Ali in a post on X, many investors have bought at the recently high price [...]

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Bitcoin FOMO Hasnt Spiked Yet: Green Signal For Rally To Continue?

Data shows social media users aren’t yet showing FOMO around Bitcoin, a sign that the current rally could still have the potential to continue. Bitcoin Social Volume Hasn’t Been Too High Recently According to data from the analytics firm Santiment, the crowd FOMO that may be associated with a rally like BTC has seen recently hasn’t yet cropped up on social media. The indicator of interest here is the “Social Volume,” which keeps track of the total amount of discussion any given topic or term is receiving on the major social media platforms right now. The metric measures this by counting up the posts/threads/messages that are making at least one mention of the given term. The reason it tracks the number of posts themselves rather than the mentions is so that a few threads with a significant number of mentions can’t skew the indicator by themselves. Related Reading: Solana, Chainlink Among Coins With Overheating Open Interest: Data When a topic truly receives widespread attention on social media, a large number of posts crop up as users across the platforms participate in talks. Mentions, on the other hand, can sometimes spike just because some niche circles decide to discuss the term. As such, measuring Social Volume through posts is what provides a better representation of the general trend being followed. Now, here is a chart that shows the trend in the indicator for terms related to Bitcoin and cryptocurrency: The value of the metric seems to have been subdued in recent days | Source: Santiment on X As displayed in the above graph, the Bitcoin Social Volume hasn’t been too out of the ordinary recently, despite the sharp rally that the asset’s price has witnessed. Generally, the indicator tends to rise as rapid moves in the cryptocurrency take place since users get spurred to talk more about the coin. When discussions rise too high, though, it’s often a sign that FOMO is increasing in the sector. Historically, Bitcoin has tended to move against the expectations of the majority, so such a rise in FOMO has often resulted in top formations for the asset. When discussions rise alongside a drawdown instead (that is, a signal that FUD is going up), a bottom rather takes place for the coin. From the chart, it’s visible that last month, the indicator registered a spike around the time of the spot ETF approvals, which coincided with the top, but such FOMO hasn’t reappeared for the coin yet. “Despite Bitcoin’s +74% price rise in 4 months, the crowd FOMO that would normally be associated with this kind of surge has not been present,” notes the analytics firm. Related Reading: Ethereum Breaks $2,900, But Watch Out For Futures Overheating “There was certainly an interest in BTC in the weeks directly before and after the SEC’s approval of 11 ETF’s, but the lack of new greed in the space can actually be considered a promising sign that this rally can continue,” explains Santiment. BTC Price Bitcoin has seen some pullback in the past day as its price has slipped under the $51,000 level. Looks like the price of the asset has gone down over the past day | Source: BTCUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, Santiment.net, chart from TradingView.com

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Bitcoin MVRV Hints At $85,000 Price Target On This Condition Details

Bitcoin, the world’s largest digital asset, recorded significant market gains in the past week to resume an uptrend that began in early October. Data from CoinMarketCap shows that Bitcoin rose by 10.58% in the past week as pro-crypto candidate Donald Trump emerged as US President-elect on November 5, followed by a 25 bps rate cut by the US Federal Reserve. With the crypto market leader recording new all-time highs each day, analyst Ali Martinez has dropped a new price target that hinges on a certain condition. Related Reading: Bitcoin Sentiment Enters Danger Zone: Investors Now Extremely Greedy Bitcoin Must Stay Above $71,480 – Heres Why Amidst the current Bitcoin price rally, Ali Martinez predicts the digital asset could reach a local price peak of $85,360. However, this price action can only occur if BTCs value does not decline below $71,480 based on data from the MVRV Deviation Pricing Bands, a trading tool used to identify extreme bullish and bearish market conditions based on the Market Value to Realized Value (MVRV). Martinezs latest insight on Bitcoins trajectory follows a previous prediction in which the analyst forecasted the premier cryptocurrency to retrace to around $71,500 after hitting the $78,000 price mark.  With Bitcoin within range of this price target following its recent tourney across $77,000, it is imperative that the market bulls prevent any potential retracement below $71,480, which may result in a further decline to $66,000 at which lies its next major resistance.  Alternatively, Bitcoin is also well poised to push beyond $78,000, reaching Martinezs target of $85,360 without experiencing any projected price pullback as market sentiments remain highly bullish due to multiple factors.  Aside from Donald Trumps resounding electoral victory which signals an incoming crypto-friendly approach by the US Government, high inflows into the Bitcoin Spot ETFs over the past weeks have also boosted investors’ confidence in Bitcoin’s continuous profitability. Nevertheless, all investors are admonished to remain vigilant as the crypto market is subject to high levels of volatility and sudden price movements. Related Reading: $13 Million Bitcoin? Sounds Bearish: Expert Hints At Even Greater Heights Ahead BTC Social Narrative Backs Potential Retrace In other news, data from analytics firm Santiment shows that Bitcoin’s rise above $77,000 has induced a change in the social narrative as the general crypto community is anticipating a continuous rise to $80,000.  According to Santiment, whenever crypto enthusiasts have been overly eager about $80,000 in the past month, Bitcoin has experienced a price retrace. Therefore, there is a need to reduce growing notions around FOMO in order to allow Bitcoin to maintain its current price rally. At the time of writing, Bitcoin trades at $76,395 reflecting a gain of 0.49% in the past 24 hours. Featured image from  Forbes, chart from Tradingview

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Trader Greed Strikes Again: Bitcoin Corrects To $102,000 After FOMO Spike

Bitcoin has observed a retrace from its new all-time high after users on the major social media platforms displayed overexcitement. Bitcoin FOMO On Social Media Spiked During Recent Rally In a new post on X, the analytics firm Santiment has talked about how social media reacted to the recent Bitcoin rally to the new all-time high. Whenever volatility emerges in the market, users on these platforms start sharing about which levels they think the price would visit next. This latest one was naturally no exception. To gauge how many users called for which price levels, the analytics firm has made use of the “Social Volume” indicator. This metric keeps track of the total number of posts/threads/messages on the major social media platforms that are making at least one mention of a given term or topic. Related Reading: XRP Whale Binance Deposits Skyrocket: Key Holders Preparing For Profit-Taking? The reason that the indicator doesn’t simply count up the mentions themselves is so that a few outlier posts containing thousands of mentions don’t skew the data by themselves. In order to narrow the data down to posts related to Bitcoin price calls, Santiment has entered certain price levels alongside BTC-related terms into the Social Volume. The analytics firm has divided the price targets into three groups: levels above the current one, levels below it, and levels around it. Below is a chart showing the trend in the Bitcoin Social Volume for these over the past month and a half: As is visible in the graph, the combined Bitcoin Social Volume for the prices between $110,000 and $119,000 witnessed a large spike alongside the price rally, suggesting that the social media users were optimistic about the cryptocurrency continuing its bullish momentum and exploring the higher levels next. The bets of these users have failed so far, though, as the asset has seen a retrace since their mentions have appeared. From the chart, it’s apparent that this is actually a trend that BTC has shown in the past as well. “Prices historically move the opposite direction of the crowd’s expectation, particularly in the short-term,” notes Santiment. “Being a contrarian continues to be a profitable way to swing trade, and an easy way to do so is to look at mentions of lower prices, current prices, and higher prices.” Just like how market hype leads to tops for Bitcoin, pessimism can result in bottoms. The price recovery run during the past week kicked off after social media users started expecting a bearish outcome. Related Reading: Bitcoin Struggles For Direction Post-Trump Disappointment What Next? Thus, the Social Volume of these terms could be to keep an eye on in the coming days, as another spike in posts mentioning the lower price targets could end up being a positive sign for the rally. BTC Price At the time of writing, Bitcoin is floating around $104,500, up almost 9% in the last seven days. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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