Bitcoin’s recent price rebound has shifted trader 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. Bitcoin (BTC) was trading at $67,708 at the time of publication, up 6.22% since July 25, according to CoinMarketCap data.
Santiment explained that its weighted sentiment index — a metric measuring Bitcoin mentions on X and comparing the positive to negative comments ratio — 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 built over the past few weeks for former United States President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. In it, 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.”
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Immediately following his speech, pro-crypto Senator Cynthia Lummis introduced a bill for a “strategic Bitcoin reserve,” proposing that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.
The Crypto Fear & Greed Index showed a “Greed” score of 71, up 24 points since June 28.
Index quickly rebounds from flashing red
Meanwhile, just a month ago, in June, the weighted sentiment index was showing a surge in negative comments about Bitcoin as its price traded 4% lower at around $65,000 on June 21.
“This extended level of FUD [fear, uncertainty and doubt] is rare, as traders continue to capitulate,” Santiment wrote in a June 20 X post.
“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K,” it added.
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