Bitcoin: This Index Reached a 16-Month High – Are New Gains Expected?

Bitcoin's (BTC) recent price spike has changed trader sentiment to levels not seen in 16 months, according to data tracking positive and negative comments on social media.

Analyst firm Santiment said the 20% rise in the price of Bitcoin in three weeks has significantly boosted traders’ bullish outlook compared to the start of the month.

🤑 Bitcoin’s +20% 3-week price rally has left traders feeling a whole lot more bullish than they were at the beginning of the month. The ratio of positive vs. negative comments toward BTC has launched to its highest level since March, 2023 as an all-time high is back on radars. pic.twitter.com/sDbsAK9qCg

— Santiment (@santimentfeed) July 28, 2024

Analysts clarified that the Weighted Sentiment Index, which evaluates mentions of Bitcoin on X (Twitter) by comparing the ratio of positive to negative comments, has reached a “16-month high in positive sentiment,” or its highest level since March 2023.

The increase in positive sentiment coincides with U.S. presidential candidate Donald Trump’s expected speech at the Bitcoin Conference in Nashville, which took place on July 27.

In his speech, Trump expressed his vision to make the U.S. the “crypto capital of the world” and predicted that Bitcoin will eventually surpass gold. cooperation and human achievement.