"SNS posting volume expecting BTC bullish, at saturation level"
"Bullish market always starts against the psychology of the public"
On-chain analysis platform Sentiment argued that the BTC bull market may be delayed more than expected due to the high expectations of the public.
Sentiment pointed out through its report that the ratio of posts mentioning BTC's bullish and bearish trends is 1 and 1.8, respectively, after analyzing social media. Sentiment emphasized that the public's bullish sentiment on BTC is at an extremely high level, which is not a condition for a bull market.
Sentiment's report stated that "the bull market may take more time until the public's expectations decrease" and "the market has always moved in the opposite direction of the public's expectations historically".
In fact, the cryptocurrency market has recently surged significantly due to the US Federal Reserve's interest rate cut and the Chinese government's economic stimulus policy announcement. BTC rose about 5% last week, breaking through $64,000. The cryptocurrency community has been repeatedly chanting the term "Uptober", which refers to the historical pattern of BTC's bullish trend in October.
In this atmosphere, the Crypto Fear & Greed Index reached 61 points, indicating a state of greed in the cryptocurrency market.
Kwon Seung-won reporter ksw@
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