[ad_1]
Quick grip:
- Positive Twitter comments related to Bitcoin are close to the 6-month high
- The last time sentiment was this high was during the Bitcoin halving in May
- This is the fourth time Bitcoin’s Twitter sentiment has been at these levels since 2017
- This is despite the recent drop to $ 16,300 levels
- Bitcoin’s high sentiment could be another sign of a possible high by BTC
Positive Twitter comments regarding Bitcoin (BTC) are approaching the 6-month high. This is second data from the Santiment team which also points out that negative comments are on the decline. The team also plotted the price of Bitcoin (gray) along with positive (green) and negative (red) comments, as shown in the chart below.
From the chart above, it can be seen that the last time Bitcoin’s positive commentary on Twitter was this high, it was during the Bitcoin halving event in May. At the time, investors were very optimistic about the long-term value of Bitcoin despite the Coronavirus crash in mid-March only a few weeks earlier.
Bitcoin’s positive Twitter comment for the fourth time is so high
Santiment’s team further pointed out that this was the fourth time Bitcoin has had such a high positive Twitter comment. This is despite the King of Crypto posting a 16% drop in the $ 16,300 area. The team worked this through the following declaration and accompanying table.
Bitcoin rallied this Saturday as positive comments remained upbeat despite -15.6% dropping to $ 16,370 over Thanksgiving. This is only the fourth time since 2017 $ BTC sentiment influenced this positive.
Bitcoin’s positive sentiment could mean that BTC has hit the high
From the chart above, it can be seen that Bitcoin has experienced a significant drop in the last three occasions its sentiment on Twitter was this high. This means that the current positive Bitcoin sentiment high could signal a local high for BTC.
The Fear and Greed Index also provides evidence of a possible high as it has been consistently above 80 since the beginning of November. In the same month, the Fear and Greed index hit 94 on three occasions and is currently at 87.
Bitcoin optimistic or greedy investors are usually a telltale sign that it may be time to start taking profits. Evidence of this can be seen a few days ago when several Bitcoin whales sold their purses as BTC hit $ 19,300 and before plummeting to $ 16,300.
[ad_2]Source link
