Emily Walker
Recent data indicates that the excitement surrounding Bitcoin on social media has remained relatively low, even though the cryptocurrency has achieved a new record. This raises questions about what the future holds for BTC.
Social Media Sentiment for Bitcoin Remains Mildly Positive
A recent update from the analytics company Santiment examines the current sentiment trends surrounding Bitcoin, comparing positive and negative sentiments across various platforms. This sentiment ratio indicates how public perception skews on social media.
The data is collected from major platforms such as X, Reddit, Telegram, and 4Chan. To classify comments as positive or negative, Santiment employs a machine-learning model for analysis.
A ratio above zero signifies that positive mentions of BTC surpass the negatives, whereas a negative ratio reflects a prevailing bearish attitude on these platforms.
Below is the chart illustrating the trends in Bitcoin sentiment over the past month:
The chart indicates a recent uptick in sentiment as Bitcoin’s price broke past the $94,000 mark, suggesting improved social media sentiment. However, Santiment points out that the current reading remains within the ‘neutral’ zone, signifying a mix of trader excitement and skepticism.
Historically, Bitcoin tends to behave contrary to market expectations. This means periods of high public fear (evidenced by low sentiment values) often coincide with market bottoms, while excessive optimism (high values) leads to market tops.
Earlier this month, a significant surge in sentiment occurred following Trump’s election as the 47th president of the United States. The resulting local peak in Bitcoin prices aligned with this sentiment spike, and further price increases only resumed after sentiment returned to neutral levels.
Currently, traders do not exhibit the same level of excitement as before, suggesting that Bitcoin’s ongoing rally may still have potential for further gains before reaching a peak.
“As long as retail traders remain skeptical, larger market players can continue to push cryptocurrency prices with minimal resistance,” the analytics firm highlights.
Current BTC Price
As of now, Bitcoin is trading around $93,600, having risen over 6% in the past week.