The rising optimism among crypto traders on social media about Bitcoin reaches new heights, but analytics platform Santiment warns of potential risks.
Bullish Comments Hit Three-Week High
Santiment data shows that for every bearish comment on Bitcoin, there are now 1.51 bullish comments. This is the highest sentiment ratio in the past three weeks. Santiment analyst Brian Quinlivan noted: "It's pretty clear that the crowd is starting to salivate over a potential $110K+ Bitcoin market value."
Mild Pullback Expected Before New All-Time High
Quinlivan believes Bitcoin will likely see a 'mild pullback' before it breaks through its all-time high of $111,970, reached on May 22. At the time of publication, Bitcoin is trading at $108,791, up 2.84% over the past week.
Macro Headwinds Ahead
Javier Rodriguez-Alarcon, chief commercial officer at XBTO, pointed to several upcoming events that could test the overall crypto market's resilience. He highlighted that while previous concerns about U.S. tariffs have eased, other macroeconomic factors could still influence Bitcoin's price.
While the surge in trader optimism may seem positive, warnings from analysts emphasize the importance of a cautious approach to the market and potential price fluctuations.
