According to Cointelegraph: Bitcoin's recent price rally has significantly boosted trader sentiment, reaching levels not seen in 16 months, according to Santiment data tracking social media comments about Bitcoin.
Surge in Positive Sentiment
Bitcoin's 20% price increase over the past three weeks has led to a marked shift in sentiment. Santiment's weighted sentiment index, which measures Bitcoin mentions on social media and compares the ratio of positive to negative comments, is now at a "16-month high positive sentiment."
“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,” Santiment noted in a July 27 post on X (formerly Twitter). Bitcoin was trading at $67,708 at the time of publication, up 6.22% since July 25, according to CoinMarketCap data.
Anticipation for Trump's Bitcoin 2024 Speech
The rise in positive sentiment is partly driven by anticipation for former United States President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. Trump has expressed his goal to make the US the "crypto capital of the world" and predicted that Bitcoin could one day surpass gold in value.
In his speech, Trump praised Bitcoin as a "marvel of technology" and a "miracle of cooperation and human achievement." Following his remarks, pro-crypto Senator Cynthia Lummis introduced a bill for a "strategic Bitcoin reserve," proposing that the US government purchase 5% of the world's Bitcoin supply and hold it for at least 20 years.
Fear & Greed Index Shows 'Greed'
The Crypto Fear & Greed Index, which gauges market sentiment, showed a "Greed" score of 71, up 24 points since June 28, reflecting the growing bullish outlook among traders.
Rebound from Previous Negative Sentiment
Just a month ago, the sentiment index was dominated by negative comments as Bitcoin's price hovered around $65,000. On June 20, Santiment highlighted the "extended level of FUD [fear, uncertainty, and doubt]" among traders as prices ranged between $65K and $66K.
“This extended level of FUD is rare, as traders continue to capitulate,” Santiment wrote in a June 20 post on X.
Bitcoin's recent surge to near $68,000 and the accompanying positive sentiment mark a significant turnaround from the negativity seen just weeks ago. As anticipation builds around key events and influential figures in the crypto space, Bitcoin's market dynamics continue to evolve, reflecting broader investor sentiment and market trends.
