Santiment data shows that “Bitcoin” is being talked about more positively on social media now than at any time in the past Bitcoin reaches 16 months.
Bitcoin’s recent price rebound has made traders more optimistic than they have been in 16 months, according to data tracking social media comments about Bitcoin.
“Bitcoin’s 20% price rally over the past three weeks has made traders much more bullish,” Santiment wrote in a July 27 post. Bitcoin is currently trading at $67,394, up 6% since July 25, according to CoinMarketCap.
Source: CoinMarketCap
Santiment explained that its Weighted Sentiment Index, which measures Bitcoin mentions on X and compares positive and negative comments, is at a “16-month high for 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.
Trump’s speech boosts Bitcoin reaches 16 Month positive sentiment
The surge in positive sentiment is due to the anticipation around former US President Donald Trump’s speech at the Bitcoin 2024 Conference in Nashville on July 27. In his speech, he aimed to make the US the “Crypto capital of the world” and predicted that “one day” Bitcoin would overtake gold, calling it a “miracle of cooperation and human achievement.”
Right after his speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve,” suggesting that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear and Greed Index now shows a “Greed” score of 71, up 24 points since June 28.
A month ago, the Weighted Sentiment Index indicated a rise in negative comments about Bitcoin, with its price 4% lower at around $65,000 on June 21.
“This level of FUD is uncommon, as traders keep capitulating,” Santiment noted in a June 20 post.
“Most people are fearful or uninterested in Bitcoin as it trades between $65K and $66K,” it added.
