As a seasoned researcher with years of experience navigating the volatile world of cryptocurrencies, I find myself intrigued by this recent market trend. The subdued sentiment surrounding Bitcoin’s record-breaking high seems to be a bullish indicator, a sign that the rally may be more sustainable than in past cycles.
Even though Bitcoin set yet another new high, the overall mood in the market seems unusually restrained. This muted enthusiasm from analysts is seen as a good indication for Bitcoin’s future price trend, implying a more stable and lasting increase in value.
Muted Sentiment: A Bullish Indicator
According to market intelligence firm Santiment, comments about Bitcoin’s record-breaking move on social media were relatively subdued. On platform X, Santiment stated that the absence of retail excitement was a positive indication, since fear of missing out (FOMO) can lead to significant price drops.
Santiment stated that Bitcoin’s latest record high is $94,002, and while social media commentary is tepid at most, this is a positive sign as excessive excitement often precedes corrections. As long as average traders remain skeptical, large investors can keep pushing cryptocurrencies without much pushback.
The data from Google Trends indicates a decrease in investor curiosity about Bitcoin, following its peak at $93,480 on November 13. This event generated the highest search interest since the beginning of 2021; however, this interest has dropped dramatically over the subsequent seven days, going from a maximum score of 100 to 48.
Meanwhile, Coinbase has fallen to 44 on the Top iPhone App charts, a sign that retail has cooled.
A Path to $100,000
Since the U.S. election, Bitcoin has reached numerous record highs, leading analysts to believe that the $100,000 milestone could be reached soon. Alex Thorn, Head of Research at Galaxy, expressed on Twitter that “Bitcoin is following its previous cycle’s trajectory and currently outperforming the 2015-2017 cycle.
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2024-11-21 13:04