Bitcoin’s (BTC) Positive Twitter Commentary is Near a 6-Month High
Fast take:
Certain twitter feedback related to Bitcoin are near a 6-month highThe last time the sentiment used to be this high, was once throughout the Bitcoin halving in Mightthat is the fourth time Bitcoin’s Twitter sentiment has been at those levels considering the fact that 2017this is in spite of the hot dip to $SIXTEEN,300 rangesHigh Bitcoin sentiment may well be any other sign of a possible top by way of BTC
Certain twitter comments with admire to Bitcoin (BTC) are nearing a 6 month prime. that is according to knowledge from the group at Santiment who also indicate that poor feedback were on a decline. The team additionally plotted Bitcoin’s value (gray) alongside both positive (green) and negative commentary (crimson) as observed within the following chart.
Source, Santiment Feed
From the chart above, it will possibly be observed that the ultimate time Bitcoin’s sure Twitter observation was once this top, used to be during Might’s Bitcoin halving event. Again then, traders have been very positive regarding the long term price of Bitcoin despite the Coronavirus crash of mid-March having came about only a few weeks prior.
4th time Bitcoin’s Sure Twitter Remark is this High
The crew at Santiment additional mentioned that this was the fourth time that Bitcoin has had a positive Twitter statement this top. that is despite the King of Crypto experiencing a 16% dip to the $16,300 house. The crew elaborated in this via the next statement and accompanying chart.
Bitcoin has edged up this Saturday, as sure commentary has remained optimistic despite the -15.6% retrace down to $SIXTEEN,370 on Thanksgiving. that is most effective the 4th time for the reason that 2017 that $BTC sentiment has swayed this certain.
Source, Santiment Feed
Bitcoin’s Positive Sentiment Could Imply BTC Has Topped
From the above chart, it will probably be stated that Bitcoin skilled a vital pullback at the last three events that its Twitter sentiment was this top. this means that the present prime Bitcoin positive sentiment may just sign an area top for BTC.
The Worry and Greed index additional provides evidence of a potential best as it has been constantly above EIGHTY for the reason that starting of November. in the related month, the fear and Greed index has reached 94 on 3 events and is currently at 87.
Investors being positive or greedy about Bitcoin is additionally a inform-tale sign that it will be time to start taking profits. Proof of this may also be seen a couple of days ago when several Bitcoin whales offered their luggage while BTC hit $19,300 and before the cave in to $16,THREE HUNDRED.