Santiment: bitcoin may fail to reach the historical maximum

Analysts from the Santiment platform warn that bitcoin BTC $63,893.85 Bitcoin -2.72% Market capitalization $1.26 trillion VOL. 24 hours $1.54 billion may not reach a new all-time high in the near future. The reason is that sentiment in the cryptocurrency market has reached its highest level in recent months. According to the platform, the number of optimistic publications about bitcoin is almost twice as high as the number of pessimistic ones, which usually means that the market is moving in the opposite direction from the expectations of the majority.

Over the past two weeks, the market has shown steady growth, and the price of bitcoin has risen by 14%, exceeding $ 65,000 (the price has now undergone a correction — ed.). This could make September 2024 one of the most successful months for cryptocurrencies in history, with a total increase of about 12%. However, experts warn that overly optimistic expectations could lead to a market correction.

Bitcoin’s Fear and Greed Index, which also measures market sentiment, reached 61, indicating a return to a state of greed. This is a significant change from early September, when the index was in the «extreme fear» zone at 22.