Crypto entrepreneurs are increasingly becoming bullish on social media on Bitcoin’s chances of recovering $ 110,000, but climbing optimism is not always a good sign, says Blockchain Analytics platform Santiment.
“Obviously the crowd is starting to revolt with a potential $ 110k+ value of the Bitcoin market,” Santiment analyst Brian Quinlivan told Cointelegraph.
Bullish Bitcoin Comments Surges in three weeks high
Santiment Data shows that for each bearish comment on Bitcoin (Btc), now has 1.51 bullish comments – the highest ratio of emotion in the last three weeks. The data is obtained from many platforms, including X, Reddit, Telegram, 4chan, Bitcointalk and farcaster.
While the increase in emotions may seem positive, Quinlivan warned that similar spikes in entrepreneur’s optimism were followed by Bitcoin price collapse on both June 11 and July 7.
“As we know, prices have moved to the opposite of the expectations of the crowd as the retail continues to lose money from excessive emotional decisions,” he said.
Quinlivan pointed out the trading activity on Monday, where a bullish commentary coincides with Bitcoin hitting a local top of $ 109,595, before quickly recovering at $ 107,681.
“We see clear signs that retail is buying at the rising momentum of bitcoin prices,” he said.
“Mild pullback” on the table for bitcoin before a new high time
Quinlivan believes that Bitcoin will likely see a “mild pullback” before it breaks throughout the time of $ 111,970, which reached May 22. Bitcoin traded $ 108,791 at the time of publication, up to 2.84% in the past seven days, According to In CoinMarketCap data.
Quinlivan also noted that Bitcoin whale wallets – holders between 10 and 10,000 BTCs – showed a little recent activity, which could signal the market.
Related: Bitcoin price gained 72% and 84% in the last twice that BTC holders did it
“So far, these wallets are a bit weak -suspicious flat,” Quinlivan said, adding that the whales sold 14,140 BTCs last week.
“When they accumulate, prices often follow closely. When they throw or even temporarily stop accumulating, it is often a signal that market values throughout crypto can see some declines.”
However, he emphasized that long -term trend remains bullish, pointing to six months of steady accumulation of whales and sharks.
Macro headwinds are lying ahead
Javier Rodriguez-Alarcon, chief commercial officer in the digital asset trading firm XBTO, told Cointelegraph that many upcoming events could test the general stability of the crypto market in future weeks.
While his earlier concerns about the US tariff deadline tied to US President Donald Trump eased following his delay on August 1, Rodriguez-Alarcon emphasized other macroeconomic factors that could still influence bitcoin prices.
He said that the release of minutes from the Federal Reserve setting committee on Wednesday could have an impact on the broader crypto market and cause “significant headwind for risk properties.”
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
