Bitcoin‘s recent price surge has significantly improved trader sentiment, reaching levels not seen in 16 months.
According to data tracking social media mentions, there’s been a notable shift towards more positive comments about Bitcoin.
“Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month,” stated Santiment in a July 27 X post.
At that time, Bitcoin was trading at $67,708, up 6.22% since July 25, according to CoinMarketCap.
Santiment highlighted that its weighted sentiment index, which measures Bitcoin mentions on X and the ratio of positive to negative comments, has reached a “16-month high positive sentiment.”
They noted, “The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars.”
This surge in positive sentiment coincides with rising anticipation for former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.
Trump emphasized his vision of making the U.S. the “crypto capital of the world.” He also predicted that Bitcoin could one day surpass gold, saying,
“Bitcoin is not just a marvel of technology, as you know, it’s a miracle of cooperation and human achievement.”
Following Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing the establishment of a “strategic Bitcoin reserve.”
This proposal suggests that the U.S. government purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear & Greed Index reflected this optimism, showing a “Greed” score of 71, an increase of 24 points since June 28.
Just a month ago, in June, the sentiment was starkly different.
The weighted sentiment index had indicated a surge in negative comments as Bitcoin’s price hovered around $65,000, down 4% on June 21. Santiment noted, “This extended level of FUD [fear, uncertainty, and doubt] is rare, as traders continue to capitulate,” highlighting the crowd’s fear or disinterest as prices ranged between $65K and $66K.
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