Bitcoin’s recent price rebound has shifted traders’ sentiment to levels not seen in 16 months, according to data tracking positive and negative social media comments about Bitcoin.
“Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month,” Santiment wrote in a July 27 X post, as Bitcoin BTCUSD currently trades at $67,708, up 6.22% since July 25, according to CoinMarketCap data.
Santiment explained that its Weighted Sentiment Index — a metric that measures Bitcoin mentions on X and compares the ratio of positive to negative comments — is at a “16-month high positive sentiment.”
“The ratio of positive vs. negative comments toward BTC has launched to its highest level since March 2023 as an all-time high is back on radars,” it added.
Sentiment spikes with anticipation building ahead of Trump’s Bitcoin 2024 speech
The spike in positive sentiment comes as anticipation has been building over the past few weeks for former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27, where he declared his goal to make the US the “Crypto capital of the world.”
He predicted that “one day” Bitcoin would overtake gold, gushing that “Bitcoin is not just a marvel of technology, as you know it’s a miracle of cooperation and human achievement.”
