Santiment analysts record a surge of bullish sentiment in the crypto market

The probable reason was the rise of the bitcoin rate to its highest values since the beginning of the year

04.04.2023 - 14:00

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The material is not an investment recommendation and is published for information purposes only.

What’s new? Experts at analytics firm Santiment reported an increase in the number of optimistic keywords, such as “bullish,” “buying,” or “bottom,” in traders’ publications. The surge was noted between March 27 and 29, after which the trend reversed, and the weekend saw more mentions of negative words, such as “bearish” and “selling.” Analysts believe that the rise of bullish sentiment was due to the community’s premature joy at bitcoin possibly reaching the $30 000 mark.

🤞 Traders have started the week with a big uptick in optimistic keywords like #bullish, #buying, or #bottom. The weekend actually had spikes in more negative words like #bearish & #selling. Watch for the crowd getting too prematurely excited about $30k. https://t.co/iXMa7s1pcs pic.twitter.com/kd7DL8EFDN— Santiment (@santimentfeed) April 3, 2023

What was going on with BTC? The rate of the first cryptocurrency rose to $28 967 from March 10 to March 30, reaching its highest since last June. It later corrected slightly, reaching $28 298 as of April 4, 13:40 UTC. Bitcoin has a 44,41% share of the crypto market and a capitalization of more than $547 billion, according to aggregator CoinGecko.

On March 30, Galaxy Digital CEO Mike Novogratz said that BTC and ETH are the best investments for retail investors. And Bloomberg analyst Mike McGlone called BTC an alternative to traditional finance, stressing that “there is a fundamental paradigm shift” in the crypto market because of the crisis.