Bitcoin at $57k awakens the retail bulls | Santiment Weekly Pro Report

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Ibis
Oct 12, 2021

Bitcoin has logged in another monster week (+16%), climbing above $57k for the first time since May 12th.


With that, Bitcoin’s social metrics are once again starting to heat up, with signs of ‘market euphoria’ and excessive greed popping up in multiple places.


Can bullish consensus and high retail expectations pose a threat to Bitcoin’s bid for $60k?

In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and on-chain data, and what it suggests about the current state of the crypto market:


The bulls awaken


In last week’s report, we noted that BTC-related sentiment had recently hit a 3-month low, and how that state of ‘retail disbelief’ may help maintain Bitcoin’s upward momentum.


What a difference a week makes. After storming above $57k earlier today for the first time since May 12th, the average mood towards Bitcoin

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Assets from this insight

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BitcoinBTC

$ 65478.64

12.84%in last 7d
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