Greed

bullish

2024

Bitcoin

Bitcoin may not post a new all-time high any time soon as crypto market sentiment is at its highest level in months, according to Santment.&nbsp;
On Sept. 30, onchain analytics platform Santiment said those anticipating a new Bitcoin all-time high may need to wait until the crowd “slows down their own expectations.”&nbsp;
It looked into social sentiment data, <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1840196477127172139" rel="null" target="null" text="null" title="null">noting</a> that there are currently 1.8 bullish posts about <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="null" target="null" text="null" title="null">Bitcoin</a> for every bearish post.&nbsp;
<blockquote>
 “Markets historically always move in the opposite direction of the crowd’s expectations.”
</blockquote>
Sentiment has turned extremely bullish over the past two weeks, with Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) prices steadily climbing about 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.
BTC is <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-monthly-close-fresh-bullish-narratives-lead-btc-traders-to-anticipate-new-price-highs" rel="null" target="null" text="null" title="null">on track</a> to record its best-ever September in terms of gains, which have been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-11-monthly-gains-dxy-massive-plunge" rel="null" target="null" text="null" title="null">around 12%</a> so far.&nbsp;
<figure>
 <img alt="Bitcoin ATH bull run unlikely if social sentiment runs too hot — Santiment" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019240fd-0114-7af9-b113-4179f0993226">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/santimentfeed/status/1840196477127172139" rel="null" target="null" text="null" title="https://x.com/santimentfeed/status/1840196477127172139">Santiment</a>
 </figcaption>
</figure>
Casa chief security officer Jameson Lopp <a data-ct-non-breakable="null" href="https://x.com/lopp/status/1840349046709289442" rel="null" target="null" text="null" title="null">observed</a> that mainstream media was also shifting to positive territory.&nbsp;
“Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time,” he said in a post on X on Sept. 29.&nbsp;&nbsp;
Additionally, the Bitcoin Fear and Greed <a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="null" target="null" text="null" title="null">Index</a>, which also measures market sentiment, has returned to greed levels with a rating of 61 on Sept. 30.&nbsp;
It was in the depths of “extreme fear” only weeks ago, when the index fell to 22 on Sept. 6, one of its lowest levels of the past year.&nbsp;
<blockquote class="twitter-tweet">
 Bitcoin Fear and Greed Index is 61 ~ Greed Current price: $65,653 <a href="https://t.co/9lOs3K4iWr">pic.twitter.com/9lOs3K4iWr</a>— Bitcoin Fear and Greed Index (@BitcoinFear) <a href="https://twitter.com/BitcoinFear/status/1840542096010211745?ref_src=twsrc%5Etfw">September 30, 2024</a>
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-that-bitcoin-price-is-not-ready-to-make-a-new-all-time-high" rel="null" target="null" text="null" title="null">3 signs that Bitcoin price is not ready to make a new all-time high</a>
On Sept. 29, Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-that-bitcoin-price-is-not-ready-to-make-a-new-all-time-high" rel="null" target="null" text="null" title="null">reported</a> that the demand for&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/stablecoin-regulations-in-the-us-a-beginners-guide" rel="null" target="null" text="null" title="null">stablecoins</a>&nbsp;in China was bearish, which could also delay a Bitcoin ATH. When dollar-pegged stablecoins trade at a discount rather than a premium in China, it indicates bearish sentiment.&nbsp;
Bitcoin is currently trading at $64,406, about 12.6% down from its March all-time high of $73,734, according to CoinGecko.
Additionally, the asset was retreating sharply during early trading on Sept. 30, falling almost 2% in the past six hours to the time of writing.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/binance-cz-prison-caroline-ellison-alameda-research-hodlers-digest/" rel="null" target="null" text="null" title="null">CZ walks free, Caroline Ellison receives prison sentence, and more: Hodler’s Digest, Sept. 22 – 28</a>

Bitcoin ATH bull run unlikely if social sentiment runs too hot — Santiment

Cointelegraph

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