Bitcoin Hits 43% Social Media Dominance -- Santiment Says It May Signal a Buying Opportunity
Warning! GuruFocus has detected 9 Warning Signs with MSTR.
That kind of surge in attention, Santiment analyst Brian Quinlivan says, usually reflects rising retail FOMO and historically, that's when Bitcoin has tended to cool off.
We've seen this before, Quinlivan wrote. Big spikes in social dominance often coincide with local tops. Wait for the euphoria to settle, and that's usually your next key entry point.
Indeed, Bitcoin has already pulled back slightly, now trading around $117,000. The same pattern played out earlier this summer on June 11 and July 7, when spikes in social chatter preceded dips.
Still, not everyone's convinced a pullback is imminent. CryptoQuant's Axel Adler Jr said Wednesday that the market hasn't flashed its usual peak signals. And Galaxy Digital's Michael Harvey thinks Bitcoin could simply be taking a breather before another leg higher.
This article first appeared on GuruFocus.
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