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Bitcoin

Bitcoin Trader Calls For New All-Time High Spike, Sign Of Local Top?

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows that Bitcoin traders have been clamoring on social media for the price to reach a new all-time high (ATH) after breaking above $52,000.

Hype Among Bitcoin Investors Has Risen As Price Continues To Rally

According to data from the analytics firm Santiment, Bitcoin investors have been loud in their celebrations about the asset breaching the $52,000 level in its latest rally continuation.

The indicator of interest here is the “Social Volume,” which keeps track of the amount of discussion a given topic or term receives on the major social media platforms.

The metric measures this value by counting the number of posts/threads/messages that make at least one mention of the topic. The indicator does this rather than just counting the mentions because this methodology tends to be more accurate.

Related Reading: Bitcoin Breaks $52,000 As Institutional Buying Continues

Sometimes, a few posts can blow up and see many mentions related to a topic, so if the Social Volume kept track of the mentions themselves, it would spike in such situations, even if the talk is zero everywhere else.

Keeping track of the posts instead ensures that the metric would only spike if the discussion occurs across social media rather than just some niche circles.

Now, to gauge hype in the market, what Santiment has done is that it has filtered the Social Volume for terms related to all-time high and $52,000. The chart below shows the trend in the metric for these topics over the past week or so:

Bitcoin Social Volume

Looks like the value of the metric has spiked for both of these terms recently | Source: Santiment on X

As displayed in the above graph, the Social media Volumes for both terms have spiked following Bitcoin’s break above the $52,000 level, implying that the rally has ignited much social media discussion.

Historically, however, excessive hype in the market has been something that has turned out to be negative for the asset’s price. In the chart, the analytics firm has marked recent instances when greed spiked in the market in this fashion.

“As we have seen throughout this tremendous #bullcycle, excessive celebrations from the crowd after specific thresholds are crossed often result in local tops form immediately after,” notes Sentiment.

Related Reading: Crypto Futures Bleeds $221 Million As Bitcoin Breaks $51,500

“This is particularly true when traders on social media are unironically bringing up the likelihood of All Time High’s coming up,” says the analytics firm. Given the Social Volume, the Bitcoin traders seem to have been doing exactly that during the latest surge.

The coin may soon hit at least a local high if traders continue to behave greedily on social media platforms.

BTC Price

At the time of writing, Bitcoin is trading at around $52,700, up 17% over the past week.

Bitcoin Price Chart

The price of the coin appears to have been rapidly going up in the last few days | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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