It looks like we might have to wait a bit longer for Bitcoin to reach a new all-time high. According to Santiment, a well-known onchain analytics platform, the current mood in the crypto market suggests we shouldn’t hold our breath just yet.
On Sunday, Santiment pointed out that crowd sentiment is at its highest in months. If you’re hoping for a new Bitcoin all-time high, we might need to see a shift in this overly optimistic mood first. Right now, there are 1.8 bullish posts about Bitcoin for every bearish one. Historically, markets tend to move in the opposite direction of what the crowd expects. Santiment put it simply: “Markets historically always move the opposite direction of crowd’s expectations.” So, this level of excitement might not be a great sign if we’re aiming for a new peak soon.
Santiment even issued a small warning just a day earlier, urging us all to stay patient about reaching that new high. They noted, “Bitcoin’s latest rise, bringing its market value above $66K, has traders pumped.” However, it’s the altcoins that have seen the biggest gains lately. The profit-taking from Bitcoin’s recent three-week rally has been feeding into those gains, which is why we’re seeing this hype.
But here’s where the caution comes in: Santiment mentioned that we should expect a test of bulls’ patience as the market sentiment has crossed into “high FOMO” levels. This kind of greed often lines up with local tops, meaning Bitcoin could be nearing a point where the price stalls or even dips a bit. This could happen at any point—today, or in the next few days and weeks—depending on how large Bitcoin holders, or “whales,” decide to act.
And if you were hoping to buy back in at $50K or even $60K, Santiment hinted that it’s unlikely without major red flags popping up in the global economy.
https://twitter.com/santimentfeed/status/1839714881634721988
Over the weekend, Bitcoin remained relatively stable, though we did see a slight drop on Sunday night. It fell below the $65K mark, reaching $64,444 at the time of writing, according to CoinMarketCap.
For now, it seems like patience is the name of the game. While the excitement is understandable, the market may need to cool off a bit before we see Bitcoin climbing to a new all-time high.
Keep following us at HowToBuyBitcoin.org for the latest news and insights on Bitcoin.