The increase in bullish versus bearish crypto commentary on social media has Santiment warning that the recent crypto market rally may be short-lived.
Crypto bullish chatter on social media has surged to levels that, according to crypto sentiment platform Santiment, could signal the current market uptrend may be short-lived.
“Rallies that arrive with a confident crowd tend to fade faster than those climbing a “wall of worry,” Santiment said in a report published on Saturday. “Those climbing skepticism tend to extend,” Santiment added.
Santiment said the ratio of bullish to bearish crypto-related comments on social media is currently around 1.5 to 1, based on a sample of active crypto accounts tracked across multiple platforms. It comes as Bitcoin (BTC) has increased 11.50% over the past 30 days, trading at $80,628 at the time of publication, according to CoinMarketCap.
