Bitcoin price has been on a tear over the past week, drawing positive momentum from improving conditions for the ongoing conflict in the Middle East. On Friday, April 17, the pioneering cryptocurrency was releasedHe urged for about $77,500reaching a new 10-week high during the day. Despite the higher price action, on-chain data suggests that there has not been a proportionate increase in investor sentiment.
Could bearish investor sentiment mean BTC’s rally continues?
In a recent post on X’s social media platform, Santiment open Bitcoin market sentiment is still at its lowest levels after the recent rise towards the $77,500 level. Contrary to general expectations, the recent wave of upward price movement did not trigger a wave of FOMO (fear of missing out) sentiment among investors.
According to data from Santiment, there are currently two bearish comments for every two bullish comments on the world’s largest cryptocurrency. The on-chain analytics firm reported that retail investors are showing signs of fatigue related to ongoing geopolitical tensions and ongoing ceasefire developments.
Related reading: Stocks at all-time highs, Bitcoin lagging: Is Bitcoin late for the rally?
Santiment wrote on X:
So, despite there being a weekend rally related to Trump’s latest ceasefire, retail seems to be taking any news with a grain of salt.
What’s interesting is that this FUD (Fear, Uncertainty, Doubt) and non-bullish investor sentiment seems to hold good news for Bitcoin price. Typically, rallies tend to be short-lived when investor sentiment rises, in line with the market theory that prices move in the opposite direction to the crowd.
As Santiment noted in her post on However, the flagship cryptocurrency could rise beyond this expected peak, as it has often done in the past.
Source: @santimentfeed on X
“This is also a good sign that the rally could exceed the expected results of small traders, potentially rising to $90k+; markets always move against the public’s expectations, so avoid following the herd,” the blockchain intelligence firm said.
However, Santiment warned that new developments could emerge, meaning that Bitcoin’s price trajectory could change in the blink of an eye. From new developments in tensions in the Middle East to whether Proposal of the law of clarity When he arrives at US President Donald Trump’s desk, there are several factors to pay attention to in the coming weeks.
Bitcoin price at a glance
As of this writing, Bitcoin’s price is around $77,381, reflecting a 3% increase over the past 24 hours.
Featured image from iStock, chart from TradingView
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