U.Today – The first and largest cryptocurrency by market cap rose to a high of $102,650 in the trading session on Saturday as the cryptocurrency market closed for the week.
According to Santiment, despite the price rebound, chatter on social media about buying Bitcoin remains surprisingly muted, reflecting cautious market sentiment.
This lack of enthusiasm represents a compelling setup for Bitcoin's next big swing, as on-chain data provides important clues to the timing of potential buying and selling opportunities.
According to Santiment, based on the Social Dominance Index, the best times to buy are when the crowd is panicked, and the best times to sell are when the crowd is greedy.
According to the chart provided by Santiment, it was observed that a high ratio of sell interest to buy interest led to Bitcoin rising on November 26 and December 2, however, a high ratio of buy interest to sell interest on November 21 and December. 5 saw Bitcoin decline after that.
For now, quiet calls to buy on social media may indicate that the market has not yet reached greed mode. This may indicate that there may still be room for Bitcoin to grow before it reaches a peak where selling is beneficial.
Bitcoin price exceeds $102,000
The cryptocurrency market rose on Wednesday, after two days of digestion following Bitcoin's historic rise to $100,000 last week.
Cryptocurrencies received an additional boost as November's CPI came in as expected, up 0.3% from October and 2.7% from a year ago. Speculators believe this number paves the way for the Fed to cut interest rates again at its December meeting next week.
Bitcoin retested the $102,000 level for the second time this week, the first time on Thursday, and reached intraday highs of $102,650 in today's trading session.
Investors expect to see a continued decline in Bitcoin's price around the $100,000 level, but remain optimistic that its price could double in the next year. Bitwise and Bernstein expect the cycle to rise to $200,000 in 2025. In a 2025 forecast published on Wednesday, Fundstrat's Tom Lee predicted that Bitcoin will have an “uptrend to $250,000” next year. Bitcoin's recent record high was $103,844.
