30s Summary

Bitcoin is approaching $70,000, spurring optimistic perspectives among some investors. However, bitcoin analyst Matthew Hyland warns the public is not as transfixed with crypto now as it was last year, with searches for bitcoin at a low point in 2024. The Crypto Fear and Greed Index indicates an upward trend, while significant gains have raised hopes amongst crypto experts. However, analytics platform Santiment cautions that excessive optimism could potentially destabilise the market, noting that markets typically defy expectations.

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The price of Bitcoin is sneaking up on $70,000 and it’s stirred up some positive buzz among folks dabbling in it. But, some people are urging caution and saying we aren’t in turbo bullish mode just yet.

“Right now, people aren’t really that hyped on crypto,” says independent crypto dude, Matthew Hyland. He went on to make a point that many of us live in a bubble when it comes to our views on crypto. Real progress will come when more everyday people start investing in it.

“As much as we want to believe it’s all the rage, the rest of the world isn’t as crazy about crypto as it was last year,” said Hyland. Just look at Google – searches for “Bitcoin” are at their lowest in 2024.

According to Hyland, the current number of people playing with crypto is around 10% of what it was in 2021 and about half of the earlier part of 2024. On the bright side, the Crypto Fear and Greed Index (yup, that’s a thing), which measures the mood around Bitcoin and crypto in general, is showing signs of optimism. It’s “Greed” score is 72, up 23 points from mid-October.

Lots of people who know their stuff about crypto are pretty chuffed with how Bitcoin is doing. Since mid-October, its price has jumped by 9.37%. MN Trading Capital’s Michael van de Poppe shared on his social media that Bitcoin’s price chart is looking pretty bullish.

Same goes for James Check, a bigwig analyst at Glassnode. He straight out asked, “Is there a cooler price chart than Bitcoin’s right now?”

With the growing number of optimistic crypto posts, you’d think people are getting excited. But a certain analytics company warns that too much enthusiasm can potentially flip the market on its head.

Towards the end of last month, Santiment, an analytics platform, pointed out that folks eagerly waiting for a new Bitcoin record might need to chill until everyone’s expectations simmer down a hint. They found this out by checking out social sentiment data. Turns out for every downer post about Bitcoin, there are 1.8 positive ones. But Santiment says, “Markets historically always do the opposite of what people expect.”

Source: Cointelegraph