The blockchain analysis platform Santiment points out that crypto traders are showing increasingly strong bullish sentiment on social media regarding the possibility of Bitcoin breaking through $110,000 again, but this surge in optimism is not always a good sign.
"Clearly, market participants are starting to have strong expectations for Bitcoin's potential breakthrough of a $110,000 market cap," Santiment analyst Brian Quinlivan said in an interview with Cointelegraph.
Santiment data shows that currently, for every bearish Bitcoin (BTC) comment, there are 1.51 bullish comments—this is the highest sentiment ratio in the past three weeks. This data comes from multiple platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk, and Farcaster.
Although the rising sentiment seems positive, Quinlivan warns that similar surges in trader optimism on June 11 and July 7 were both followed by declines in Bitcoin's price.
"We know that price movements often go against public expectations, as retail investors continue to lose due to overly emotional decision-making," he explained.
Quinlivan noted that the increase in bullish comments on Monday coincided with Bitcoin reaching a local high of $109,595, which then quickly fell back to $107,681.
"We are observing clear signs that retail investors are chasing the momentum of Bitcoin's price increase," he said.
Quinlivan believes that before Bitcoin breaks its historical high of $111,970 set on May 22, the market may experience a "moderate pullback." According to CoinMarketCap data, Bitcoin was trading at $108,791 at the time of writing, up 2.84% over the past seven days.
Quinlivan also pointed out that the activity of Bitcoin whale wallets—those holding between 10 to 10,000 BTC—has recently decreased significantly, which may indicate a rise in cautious sentiment in the market.
"Currently, these wallets are exhibiting a suspiciously stable state," Quinlivan said, adding that whales sold 14,140 Bitcoins in the past week.
"When whales accumulate, prices usually follow with an increase. When they sell or even just temporarily stop accumulating, it often signals that the cryptocurrency market cap may face a decline."
However, he emphasized that the long-term trend remains bullish, noting that whales and medium-sized investors have been steadily accumulating for six months.
Javier Rodriguez-Alarcon, Chief Business Officer of digital asset trading firm XBTO, told Cointelegraph that several significant events in the coming weeks could test the overall resilience of the crypto market.
While he previously had concerns about the U.S. tariff deadlines related to President Trump, which have now been extended to August 1, Rodriguez-Alarcon highlighted other macroeconomic factors that could influence Bitcoin's price movements.
He pointed out that the minutes from the Federal Reserve's interest rate decision committee released on Wednesday could impact the broader crypto market and pose "significant resistance" to risk assets.
Related: Truth Social files S-1 for "crypto blue-chip ETF" tracking BTC, ETH, SOL, CRO, XRP
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Crypto traders ‘start to salivate’ as Bitcoin (BTC) approaches $110K”
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