Bitcoin Sentiment On Social Media Is Still Just Mildly Positive

Data shows the hype around Bitcoin has stayed low on social media recently despite the asset’s latest record. Here’s what this could mean for BTC.

The price of Bitcoin hit a new record high on Monday, but the hype around the cryptocurrency on social media remained relatively muted, according to data from analytics firm Santiment.

This could be a sign that the rally still has room to run, as excessive enthusiasm on social media has often coincided with tops in the past.

The data shows the Positive Sentiment vs. Negative Sentiment Ratio for Bitcoin, which measures the number of positive posts related to BTC compared to negative ones on major social media platforms (X, Reddit, Telegram, and 4Chan).

When the value of the indicator is greater than zero, it means the number of positive posts currently outweigh the negative ones. On the other hand, it being negative implies a bearish sentiment is dominant on the social media platforms.

The indicator is currently at a value of 0.05, which is up from recent weeks but still within the historical ‘neutral’ zone. In this zone, there is some excitement present among the traders for sure, but there is also some skepticism.

Bitcoin and cryptocurrencies, in general, have tended to move in a way that the crowd least expects. This means that excessive FUD (that is, a low value of the indicator) has led to bottoms for BTC, while euphoria (a high value) has resulted in tops.

Earlier in the month, the sentiment around the asset skyrocketed as Trump became the 47th president of America. BTC’s local top coincided with this spike and it was only once the sentiment cooled back down to neutral that the price could continue its upwards climb.

During the latest leg up, traders have so far not shown hype of anywhere near the same degree, so it’s possible that the current Bitcoin rally could still have room to grow before a top.

“As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance,” notes Santiment.

BTC price was last seen trading at around $93,600, up more than 6% over the last week.