The increase in bullish versus bearish crypto commentary on social media has Santiment warning that the recent crypto market rally may be short-lived.
The level of positive crypto chatter on social media could signal a short-lived crypto market uptrend, according to crypto sentiment platform Santiment.
“Rallies that arrive with a confident crowd tend to fade faster than those climbing a ‘wall of worry’,” Santiment said in a report 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 1.5:1, based on a sample of active crypto accounts tracked across multiple platforms. It comes as Bitcoin (BTC) has risen 11.5% over the past 30 days, trading at $80,628 at the time of publication.
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