Bitcoin surged 20% over three weeks, reaching $67,708.
Positive sentiment for Bitcoin hit a 16-month high, with a favorable comment ratio.
Trump’s speech at Bitcoin 2024 fueled optimism, aiming to make the US the “crypto capital of the world.”
Bitcoin has experienced a significant price rebound recently, with its value surging by 20% over the past three weeks. This price increase has brought newfound optimism to the market. CoinMarketCap data shows Bitcoin trading at $67,708, up 6.22% since July 25.
Rising Optimism Among Traders
Santiment, a major analytics firm, observed a significant increase in positive sentiment. Their weighted mood index, which monitors Bitcoin mentions on social media, reveals a 16-month high in positive comments. This suggests that traders are more enthusiastic about Bitcoin, as the positive-to-negative remark ratio has reached its highest level since March 2023, showing renewed confidence in the cryptocurrency.
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. 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. pic.twitter.com/sDbsAK9qCg
— Santiment (@santimentfeed) July 28, 2024
Impact of Key Events
The rise in positive sentiments corresponds with former President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, when he stated his desire to make the United States the “crypto capital of the world.” He predicted that Bitcoin would someday outperform gold, labeling it a “miracle of cooperation and human achievement.”
Following his speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve.” The bill proposes the US government purchase 5% of the world’s Bitcoin supply. It suggests holding this reserve for at least 20 years.
Market Indicators and Future Prospects
The Crypto Fear & Greed Index, a key market indicator, showed a “Greed” score of 71. This is an increase of 24 points since June 28. The shift is significant given the negative sentiment just a month ago. The weighted mood index showed an increase in unfavorable comments in June, when Bitcoin was trading at $65,000.
Prices ranged between $65,000 and $66,000, with traders primarily afraid or disinterested. However, the recent rally has shifted the market’s outlook. As Bitcoin’s predominantly fearful ice continues to rise, the anticipation and positive sentiment are expected to attract further interest and investment.
Bitcoin’s recent price rebound has led to a significant shift in trader sentiment, reaching levels not seen in 16 months. Key events like Donald Trump’s speech and Senator Lummis’s proposed bill have fueled optimism. With market indicators showing increased confidence, Bitcoin’s future looks promising. Traders are now feeling more bullish than they have in over a year.
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