Bitcoin’s Social Chatter Spike Signals ‘Key Entry Point’ Ahead

Nearly half of all references to encryption focus on social media this week about Bitcoin, as it has reached its highest level, a level of domination that may indicate a local summit and a possible decline in the short term, according to the Santiment Santimet platform.

“Since Bitcoin’s market value infiltrated over 123.1 thousand dollars for the first time in its 17 -year history, there was an equal hegemony of social domination,” He said In a report on Wednesday.

Bitcoin’s rise has led to low prices

“43.06 % of all encryption discussions were about $ BTC just as the currency market value was at its peak,” QUINVAN added. “The sudden rise was an indication of many retailers wandering,” Queenvan said, challenging the opinion that many other participants in the industry who believe that retailers have not entered the market yet.

On July 11, André Dragush, head of research, BitCoin (BTC) at all levels at all, said, but retail trading “can be almost found.”

Just three days later, on Monday, Bitcoin reached the highest level ever at $ 123,100 on Binance, before restoring $ 117.011 at publication time, According to Two Nansen data.

Queenvan said that although the increasing feelings may seem positive, history indicates that the nails on social media states that Bitcoin often follows the low prices.

He said: “Wait for the ecstasy to cool down, and you will likely find the entry point for another key.”

This comes after the last Queenvan warned that similar nails in the circulating optimism were followed by bitcoin drops on June 11 and July 7.

Analysts are optimistic that Bitcoin’s increase will continue

However, some analysts say that the upward trend is likely to continue.

On Wednesday, the Cryptoquant Axel Adler JR analyst noted that there is no Bitcoin Peak signal, a scale that appears when the market temperature rises, indicating “we are not at its peak yet.”

Related to: Bitcoin resistance at $ 120,000 hints in monotheism before the motivation rises to 135 thousand dollars

However, Michael Harvey, president of Galaxy Digital Trading, said that Bitcoin can be in a brief unification stage after the last boom to the highest level ever, but another leg before the end of July is not outside the table.

“Monotheism around the current prices is my basic issue, given the big gathering and the new ATH,” Harvey told Cointelegraph.

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