Bitcoin social sentiments are still bullish with more than 1.8M bullish posts.

Reasons for Santiment’s Report

According to Santiment on Sept. 30, users expecting a new Bitcoin all-time high may need to wait until the crowd “slows down their expectations.”

This theory came from their digging into social sentiment data and discovered that there are about 1.8 bullish posts about Bitcoin for every bearish post. Santiment expressed concern for this as historically, the market tends to move in the opposite direction, meaning when people are too optimistic, there are chances the market would slow down.

In their words, “Markets historically always move in the opposite direction of the crowd’s expectations.”

Santiment noted that over the past two weeks, sentiment with bitcoin has turned extremely bullish with BTC prices steadily climbing about 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.

They also noted that BTC is on its way to having a great-performing September with respect to gains of around 12%. These gains are substantial compared to the performance of BTC in previous times.

According to Casa chief security officer Jameson Lopp, the mainstream media of Bitcoin is also diverting to more positivity.

“Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time,” he said in a post on X on Sept. 29.

Now, according to the Bitcoin Fear and Greed Index, fear, uncertainty, and doubt that have always surrounded the use and adoption of BTC have reduced considerably, instead, they have returned to greed levels with a rating of 61 as of Sept. 30.

The index was in the depths of “extreme fear” only weeks ago when it fell to 22 on Sept. 6, one of its lowest levels of the past year.