All crypto-related mentions this week are centered on Bitcoin as it hits new highs, which could mark a local top and potential short-term pullback, according to emotion platform Santiment.
“With Bitcoin’s market value exceeding $123.1K for the first time in its 17-plus-17-plus history, it’s an equally historic peak of social advantage,” Santiment analyst Brian Quinlivan explain In Wednesday’s report.
Soaring Bitcoin Chats Cause Prices to Fall
“43.06% of all crypto discussions are about $BTC, just like the market value of coins peaked,” Quinlivan added. “The sudden spike shows many retail merchants fomo’ing,” challenging the views of several other industry players who believe retail investors have not yet entered the market.
On July 11, Bitwise Research André Dragosch said Bitcoin (BTC) is at a new all-time high, but the retail industry “almost nowhere to be found”.
Just three days later, on Monday, Bitcoin reached All-time high $123,100 About Binance, back to $117,011 at the time of publication according to Two Nansen data.
While the rise in sentiment seems to be positive, history shows that spikes in social media mention the price of Bitcoin fell, Quinlivan said.
“Wait for the euphoria to cool down a little, and you may find another key entry point coming soon,” he said.
This comes after Quinlivan’s recent warning that traders are optimistic about the spike Secondly, Bitcoin price declines on June 11 and July 7.
Analysts say Bitcoin surge will continue
However, some analysts say the uptrend may continue.
Wednesday, Crypto Analyst Axel Adler JR To point out the lack of Bitcoin peak signal, it is an indicator that appears when the market overheated, which indicates that “we are not yet peaking.”
Related: Bitcoin’s resistance is $120k prompt, which is fixed to $135,000 before impulsive gatherings
However, the person in charge of Galaxy Digital Franchise deal, Michael Harveysaid Bitcoin may have a brief consolidation phase after its recent surge in new all-time highs, but the other leg was not lost before the end of July.
“Consolidation of current prices is my basic case,” Harvey told Cointelegraph.
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