Bitcoin Sentiment Soars to 16-Month High
Recent data from Santiment reveals a significant shift in Bitcoin sentiment on social media, reaching its highest positive level in 16 months. This shift is closely tied to Bitcoin’s (Bitcoin Breaks 16-Month) recent price rebound, which has dramatically altered trader sentiment. Over the past three weeks, Bitcoin has experienced an impressive 20% price rally, leading to increased bullishness among traders. On July 27, Santiment highlighted this trend in a post on X, noting that Bitcoin’s weighted sentiment index — a metric that tracks positive and negative mentions of Bitcoin on X — is now at a “16-month high positive sentiment.”
Bitcoin Price Surge and Market Metrics
As of the time of publication, Bitcoin was trading at $67,708, marking a 6.22% increase since July 25, according to CoinMarketCap data.
This price surge has been accompanied by a notable rise in positive comments about Bitcoin, with the ratio of positive to negative mentions reaching a new peak. Santiment emphasized that this level of positive sentiment is rare and indicative of a strong market shift. Additionally, the Crypto Fear & Greed Index reflected this optimism, showing a “Greed” score of 71, up 24 points since June 28, signaling heightened investor confidence and anticipation.
Trump’s Bitcoin Speech Boosts Market Sentiment
The spike in positive sentiment comes amid growing anticipation for former U.S. President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. In his address, Trump expressed his vision of making the U.S. the “crypto capital of the world” and predicted that Bitcoin would eventually surpass gold. Following his speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing a “strategic Bitcoin reserve,” suggesting that the U.S. government should purchase and hold 5% of the world’s Bitcoin supply for at least 20 years. This legislative move further boosted market confidence. Just a month ago, negative sentiment dominated the market as Bitcoin traded around $65,000, but the current wave of optimism has dramatically changed the landscape.
