Crypto sentiment platform Santiment warns that a sharp increase in bullish social media chatter could signal the current market uptrend is short-lived.
According to Santiment, the ratio of bullish to bearish crypto comments on social media is currently 1.5 to 1. The firm notes that rallies accompanied by widespread confidence often fade faster than those climbing a 'wall of worry.'
Bitcoin has gained 11.5% over the past 30 days, trading at $80,628. The Crypto Fear & Greed Index stands at a neutral 47, after briefly dipping into fear territory.
Santiment says the ideal scenario for Bitcoin is a pullback to $75,000 that flushes out late longs and resets sentiment. Meanwhile, on-chain data shows a rise in Bitcoin supply on exchanges, suggesting early profit-taking.
Analyst Michaël van de Poppe expects a retest of $70,000 to $75,000 before further upside, while Matthew Hyland targets $87,000 to $95,000 by June.
