Data shows the hype around Bitcoin has stayed low on social media recently despite the asset’s latest record. Here’s what this might mean for BTC.

Bitcoin Sentiment On Social Media Is Still Just Mildly Positive

In a latest post on X, the analytics firm Santiment has discussed concerning the recent trend within the Positive Sentiment vs. Negative Sentiment Ratio for Bitcoin. This metric, as its name suggests, tells us about how the positive sentiment compares with the negative one on social media platforms.

The indicator sources its data from the posts/threads/messages which might be appearing on the most important social media platforms (X, Reddit, Telegram, and 4Chan). To distinguish between positive and negative comments, the metric puts this data through a machine-learning model devised by Santiment.

When the worth of the indicator is larger than zero, it means the variety of positive posts related to BTC currently outweigh the negative ones. However, it being negative implies a bearish sentiment is dominant on the social media platforms.

Now, here is the chart shared by the analytics firm that shows the trend within the Bitcoin Positive Sentiment vs. Negative Sentiment Ratio over the past month or so:

The worth of the metric appears to have been positive in recent days | Source: Santiment on X

As displayed within the above graph, the indicator has seen a jump recently because the cryptocurrency’s price has reached a latest all-time high (ATH) beyond the $94,000 level. This is able to suggest that the sentiment on social media has marked an improvement.

As Santiment has highlighted within the chart, nevertheless, the present level of the metric continues to be only contained in the historical ‘neutral’ zone. On this zone, there may be some excitement present among the many traders needless to say, but there may be also some skepticism.

Historically, Bitcoin and cryptocurrencies, usually, have tended to maneuver in a way that the gang least expects. Because of this excessive FUD (that’s, a low value of the metric) has led to bottoms for BTC, while euphoria (a high value) has resulted in tops.

Earlier within the month, the sentiment across the asset skyrocketed as Trump became the forty seventh president of America. BTC’s local top coincided with this spike and it was just once the sentiment cooled back right down to neutral that the worth could proceed its upwards climb.

In the course of the latest leg up, traders have to date not shown hype of anywhere near the identical degree, so it’s possible that the present Bitcoin rally could still have room to grow before a top.

“So long as there may be retail trader disbelief, whales can proceed pumping cryptocurrencies with little resistance,” notes the analytics firm.

BTC Price

On the time of writing, Bitcoin is trading at around $93,600, up greater than 6% during the last week.

Looks like the worth of the coin has been marching up over the previous couple of days | Source: BTCUSDT on TradingView

Featured image from Dall-E, Santiment.net, chart from TradingView.com