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Cryptocurrency analysis platform Santiment assessed Bitcoin’s (BTC) recent rise to the $77,000 level and the overall market sentiment.
Santiment, an analytics company that closely tracks Bitcoin’s price movements, examined Bitcoin’s rise to the $77,000 level in its latest market assessment. Despite the price increase, the prevailing skeptical approach among investors is noteworthy.
According to the analysis, Bitcoin’s push to new highs hasn’t generated as much enthusiasm in the market as expected. On the contrary, many traders are skeptical about the sustainability of this rise. Santiment notes that this skeptical atmosphere in the market could actually create a healthy foundation for the continuation of the rally.
The question of “Has the bottom been reached?” remains a major topic of discussion among market participants. Santiment experts state that conversations on social media platforms and on-chain data indicate that investors are still expecting a major correction. Historically, periods of skepticism often coincide with phases of sustained price increases.
It is noted that the continued low supply of Bitcoin on exchanges is reducing selling pressure. In particular, the fact that whales are not aggressively selling at current levels is interpreted as a signal that long-term confidence is being maintained.
According to Santiment, this “skepticism” that emerged during Bitcoin’s $77,000 rally indicates that the market hasn’t overheated yet. If this cautious stance continues among investors instead of FOMO (fear of missing out), Bitcoin’s potential to test higher levels could strengthen.
*This is not investment advice.
coindesk.com
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