According to Santiment, bitcoin may not hit an all-time high anytime soon as sentiment in the cryptocurrency market is at its highest level in months.
September 30, analytics platform Santiment said that those expecting #bitcoin to hit an all-time high need to wait for the crowd to "slow down their own expectations.
The company looked at social sentiment data and added that there are currently 1.8 bullish reports per bearish bitcoin report.
Markets historically always move in the opposite direction of what the crowd expects.
Prices have steadily risen about 14% from below $58,000 on Sept. 17 to a high of more than $66,000 on Sept. 28. In addition, #BTC is now up about 12 percent and is having its best September since its inception.
Jameson Rupp, chief security officer at Casa, noted that the mainstream media is also moving into positive territory.
While FUD is not standing the test of time, the mainstream media's sentiment toward bitcoin is moving into positive territory, he wrote on Site X on Sept. 29. Moreover, the Bitcoin Fear and Greed Index, which also measures market sentiment, returned to greed with a rating of 61 on Monday, September 30.
a few weeks earlier, the index was in a state of "extreme fear, falling to 22 on September 6, its lowest level in over a year.
September 29, Cointelegraph reported that demand for stable coins in China is bearish and could delay bitcoin's ATH. If dollar-linked stable coins in China are trading at a discount rather than a premium, it indicates a bearish sentiment.
According to CoinGecko, bitcoin is currently trading at $64,406, down 12.6 percent from its all-time high of $ 73,734 in March.
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