Even though Bitcoin recently went up to $63,200, there isn’t much excitement on social media about it, which could mean that the rise will last.
According to data from the analytics company Santiment, Bitcoin’s Fear Of Missing Out (FOMO) has not increased significantly during the rally. FOMO is a key indicator of how the market feels. Santiment’s “Positive Sentiment vs. Negative Sentiment Ratio,” which uses machine learning to measure how people feel on social media, shows a small rise in positive sentiment.
Bitcoin Sentiment Above Neutral
A number above 1 means that people are talking more positively than negatively about Bitcoin. At the moment, the measure is above neutral, which means that people are mostly feeling good, but not too much.
In the past, Bitcoin has moved against what most people thought it would do. Price drops are more likely to happen during times of high hope. Price peaks have happened before, most especially in April and May, when sentiment went through the roof. But the current level of sentiment is not too high, which suggests that the rise may have room to go on.
Analysts at Santiment warn that if fear of missing out (FOMO) rises rapidly, Bitcoin’s price could reach another high point and then drop. In the past, these kinds of corrections have often made it possible to buy when mood turned negative.
BTC has gone up almost 6% in the last week thanks to a drop in interest rates by the U.S. Federal Reserve, but the market is still cautiously hopeful.
