Crypto traders are growing increasingly optimistic on social media about Bitcoin’s potential to break past $110,000 — but such a surge in sentiment isn’t always a positive indicator, warns blockchain analytics firm Santiment.
“The crowd is clearly starting to salivate over the possibility of a $110K+ Bitcoin price,” said Santiment analyst Brian Quinlivan.
Bullish sentiment on Bitcoin hits highest level in three weeks
According to Santiment data, there are now 1.51 bullish comments for every bearish one about Bitcoin marking the highest positive sentiment ratio in the last three weeks. The data was gathered from various platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk, and Farcaster.
Although rising sentiment might appear encouraging, Santiment analyst Brian Quinlivan warned that similar spikes in trader optimism preceded Bitcoin price drops on both June 11 and July 7.
“As history shows, prices often move opposite to the crowd’s expectations, as retail traders frequently lose money due to emotionally driven decisions,” he explained.
Quinlivan highlighted trading activity on Monday, noting that a surge in bullish commentary coincided with Bitcoin reaching a local high of $109,595, before quickly pulling back to $107,681.
“We saw clear indications that retail investors were buying into the upward momentum of Bitcoin’s price,” he added.
Bitcoin could see a mild pullback before reaching a new all-time high
Quinlivan expects Bitcoin to undergo a “mild pullback” before surpassing its all-time high of $111,970, set on May 22. As of the time of writing, Bitcoin is trading at $108,791, reflecting a 2.84% gain over the past week, according to CoinMarketCap data.
Quinlivan also pointed out that Bitcoin whale wallets—those holding between 10 and 10,000 BTC—have shown minimal activity lately, which may indicate a cautious market stance.
“For now, these wallets have been somewhat suspiciously flat,” he said, noting that whales have offloaded 14,140 BTC over the past week.
“When whales are in accumulation mode, prices often rise shortly after. But when they sell or even pause accumulation, it’s often a signal that crypto market values could be headed for a downturn,” he explained.
Despite this, Quinlivan stressed that the broader outlook remains bullish, highlighting six months of consistent accumulation by both whales and sharks.
Macro headwinds lie ahead
Javier Rodriguez-Alarcon, chief commercial officer at digital asset trading firm XBTO, told Cointelegraph that several upcoming events could challenge the crypto market’s resilience in the coming weeks.
Although his initial concerns around the U.S. tariff deadline linked to former President Donald Trump have eased with its delay to August 1, Rodriguez-Alarcon pointed to other macroeconomic factors that may still affect Bitcoin’s price movement.
He noted that the upcoming release of minutes from the Federal Reserve’s rate-setting committee on Wednesday could impact the broader crypto market, potentially creating “significant headwinds for risk assets.”
