Efe Nail Saltık Bitcoin’s recent price surge has led to a dramatic shift in traders’ sentiment, reaching levels not seen in 16 months, according to data from Santiment. The term “Bitcoin” is being mentioned more positively on social media than at any other time during this period.
Santiment’s July 27 post on X highlighted that Bitcoin’s 20% price rally over three weeks has significantly boosted trader optimism. As of now, Bitcoin is trading at $67,708, a 6.22% increase since July 25, based on CoinMarketCap data.
Santiment’s Weighted Sentiment Index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments, shows a “16-month high positive sentiment.” The index reflects the highest level of positive sentiment since March 2023, with many traders eyeing an all-time high.
Anticipation Builds Ahead of Trump’s Bitcoin 2024 Speech
The surge in positive sentiment coincides with growing anticipation for former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27. Trump declared his goal to make the US the “Crypto capital of the world” and predicted that Bitcoin would eventually overtake gold. He praised Bitcoin as a “miracle of cooperation and human achievement.”
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Following Trump’s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing a “strategic Bitcoin reserve,” suggesting that the US government purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear & Greed Index reflected this optimism with a “Greed” score of 71, a 24-point increase since June 28.
Sentiment Rebounds from Recent Negativity
Interestingly, just a month ago, the Weighted Sentiment Index was showing a surge in negative comments about Bitcoin while its price was around $65,000 on June 21. Santiment noted on June 20 that there was an extended level of fear, uncertainty, and doubt (FUD) among traders, as Bitcoin’s price hovered between $65K and $66K.
“This extended level of FUD is rare, as traders continue to capitulate,” Santiment wrote, indicating a prevailing sense of fear or disinterest in Bitcoin at that time.
Now, with positive sentiment on the rise and key events boosting confidence in the crypto market, Bitcoin’s outlook appears more bullish than it has in over a year.
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