Bitcoin Reaches 16-Month High at Nearly $68K Due to Positive Market Sentiment

July 29, 2024 04:38 PM AEST | By Team Kalkine Media

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Bitcoin Reaches 16-Month High at Nearly $68K Due to Positive Market Sentiment — Image source: shutterstock

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Recent data from Santiment reveals a significant shift in social media sentiment towards Bitcoin, reaching levels not seen in the past 16 months. The positive sentiment surge coincides with Bitcoin's notable price rebound, which has been driven by a +20% rally over the past three weeks. As of July 27, Bitcoin was trading at $67,708, reflecting a 6.22% increase since July 25, according to CoinMarketCap data.

Sentiment Index Hits Record Levels

Santiment's weighted sentiment index, which measures the ratio of positive to negative comments about Bitcoin on social media platforms like X, has reached a 16-month high. This surge in positive sentiment is attributed to Bitcoin's recent price performance and growing optimism among traders. The positive sentiment ratio has surged to levels not seen since March 2023, indicating a renewed bullish outlook for the cryptocurrency.

Impact of Trump’s Bitcoin 2024 Speech

The uptick in Bitcoin sentiment also follows heightened anticipation surrounding former President Donald Trump’s speech at the Bitcoin 2024 conference on July 27. Trump’s address, which outlined his vision of making the US the “crypto capital of the world” and predicting Bitcoin’s potential to surpass gold, has further fueled optimism. His speech was followed by pro-crypto Senator Cynthia Lummis introducing a bill for a “strategic Bitcoin reserve,” proposing that the US government acquire 5% of the world’s Bitcoin supply and hold it for a minimum of 20 years.

Shift from Fear to Greed

The Crypto Fear & Greed Index, which measures market sentiment, has also seen a dramatic shift. The index scored a “Greed” rating of 71, up 24 points since June 28, reflecting a significant rebound from the fear and uncertainty prevalent a month prior. In June, the index had been in a state of “Fear” due to Bitcoin's price trading around $65,000, leading to widespread negativity and disinterest among traders.

Recovery from Recent Negativity

The recent surge in positive sentiment marks a recovery from the previous month’s negative outlook, which had seen increased fear and doubt among investors. The transition from a state of fear to a more optimistic view underscores the impact of Bitcoin’s price recovery and supportive comments from prominent figures in the cryptocurrency space.

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