{"id":25958,"date":"2024-07-28T19:00:13","date_gmt":"2024-07-28T16:00:13","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25958"},"modified":"2024-07-28T15:18:05","modified_gmt":"2024-07-28T12:18:05","slug":"bitcoin-hits-16-month-high-positive-sentiment-as-price-nears-68k","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-hits-16-month-high-positive-sentiment-as-price-nears-68k\/","title":{"rendered":"Bitcoin Hits 16-Month High &#8216;Positive Sentiment&#8217; as Price Nears $68K"},"content":{"rendered":"<p>Bitcoin&#8217;s recent price surge has led to a dramatic shift in traders&#8217; sentiment, reaching levels not seen in 16 months, according to data from Santiment. The term &#8220;Bitcoin&#8221; is being mentioned more positively on social media than at any other time during this period.<\/p>\n<p>Santiment&#8217;s July 27 post on X highlighted that Bitcoin&#8217;s 20% price rally over three weeks has significantly boosted trader optimism. As of now, Bitcoin is trading at $67,708, a 6.22% increase since July 25, based on CoinMarketCap data.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-25959 size-full\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment.webp\" alt=\"\" width=\"1845\" height=\"1211\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment.webp 1845w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment-300x197.webp 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment-1024x672.webp 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment-768x504.webp 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/santiment-1536x1008.webp 1536w\" sizes=\"auto, (max-width: 1845px) 100vw, 1845px\" \/><\/p>\n<p>Santiment&#8217;s Weighted Sentiment Index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments, shows a &#8220;16-month high positive sentiment.&#8221; The index reflects the highest level of positive sentiment since March 2023, with many traders eyeing an all-time high.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-hits-16-month-high-positive-sentiment-as-price-nears-68k\/#Anticipation_Builds_Ahead_of_Trumps_Bitcoin_2024_Speech\" title=\"Anticipation Builds Ahead of Trump&#8217;s Bitcoin 2024 Speech\">Anticipation Builds Ahead of Trump&#8217;s Bitcoin 2024 Speech<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-hits-16-month-high-positive-sentiment-as-price-nears-68k\/#Sentiment_Rebounds_from_Recent_Negativity\" title=\"Sentiment Rebounds from Recent Negativity\">Sentiment Rebounds from Recent Negativity<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Anticipation_Builds_Ahead_of_Trumps_Bitcoin_2024_Speech\"><\/span>Anticipation Builds Ahead of Trump&#8217;s Bitcoin 2024 Speech<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The surge in positive sentiment coincides with growing anticipation for former US President Donald Trump&#8217;s speech at the Bitcoin 2024 Conference in Nashville on July 27. Trump declared his goal to make the US the &#8220;Crypto capital of the world&#8221; and predicted that Bitcoin would eventually overtake gold. He praised Bitcoin as a &#8220;miracle of cooperation and human achievement.&#8221;<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/bitcoiners-considering-relocating-to-el-salvador\/\">Bitcoiners Considering Relocating to El Salvador<\/a><\/em><\/p>\n<p>Following Trump&#8217;s speech, pro-crypto Senator Cynthia Lummis introduced a bill proposing a &#8220;strategic Bitcoin reserve,&#8221; suggesting that the US government purchase 5% of the world&#8217;s Bitcoin supply and hold it for at least 20 years.<\/p>\n<p>The Crypto Fear &amp; Greed Index reflected this optimism with a \u201cGreed\u201d score of 71, a 24-point increase since June 28.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Sentiment_Rebounds_from_Recent_Negativity\"><\/span>Sentiment Rebounds from Recent Negativity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Interestingly, just a month ago, the Weighted Sentiment Index was showing a surge in negative comments about Bitcoin while its price was around $65,000 on June 21. Santiment noted on June 20 that there was an extended level of fear, uncertainty, and doubt (FUD) among traders, as Bitcoin&#8217;s price hovered between $65K and $66K.<\/p>\n<p>&#8220;This extended level of FUD is rare, as traders continue to capitulate,&#8221; Santiment wrote, indicating a prevailing sense of fear or disinterest in Bitcoin at that time.<\/p>\n<p>Now, with positive sentiment on the rise and key events boosting confidence in the crypto market, Bitcoin&#8217;s outlook appears more bullish than it has in over a year.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s recent price surge has led to a dramatic shift in traders&#8217; sentiment, reaching levels not seen in 16 months, according to data from Santiment. The term &#8220;Bitcoin&#8221; is being mentioned more positively on social media than at any other time during this period. Santiment&#8217;s July 27 post on X highlighted that Bitcoin&#8217;s 20% price<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,7674,7673],"class_list":["post-25958","post","type-post","status-publish","format-standard","hentry","category-crypto-news","category-news","tag-bitcoin","tag-bitcoin-fear-and-greed","tag-bitcoin-sentiment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Hits 16-Month High &#039;Positive Sentiment&#039; as Price Nears $68K - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-hits-16-month-high-positive-sentiment-as-price-nears-68k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Hits 16-Month High &#039;Positive Sentiment&#039; as Price Nears $68K - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bitcoin&#8217;s recent price surge has led to a dramatic shift in traders&#8217; sentiment, reaching levels not seen in 16 months, according to data from Santiment. 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