What does Bitcoin’s Sentiment say about its future?

[Jentot]

What does Bitcoin’s Sentiment say about its future?

When the weekend started, Bitcoin’s price had slumped to $16,788. By the end of it, however, Bitcoin was trading close to $18,147. The positive commentary from institutional buyer Guggenheim Partners helped retail traders remain optimistic about the Bitcoin market, despite the 15.6 percent retracement seen on Thanksgiving.

This was evidenced by the latest surge in Bitcoin Sentiment on Twitter. In fact, since the historic bull run of 2017, Twitter has registered such a degree of positive sentiment only three times, this time being the fourth

The weighted social sentiment v. BTC price chart highlighted that while post-July 2020 there was an increase in positive sentiment, it was nowhere close to the highs being recorded on the charts right now. The said sentiment is a reflection of the optimism among retail and institutional traders. This was further evidenced by the fact that Open Interest and trade volume on derivatives exchanges were higher than the monthly average, based on data from Skew.

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