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Home»Bitcoin»Bitcoin – Does a Double Peak Push BTC to a Local Top?
Bitcoin

Bitcoin – Does a Double Peak Push BTC to a Local Top?

2024-09-14No Comments3 Mins Read
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  • BTC saw positive developments in some of its key indicators
  • Crypto’s price fell slightly after rising on the charts to over $58,000

During the last trading session, Bitcoin (BTC) saw several of its key indicators giving positive signals. This was especially the case with the social volume and the purchase/sales ratio of the buyers.

In fact, data showed that social volume and purchase/sales ratios of buyers saw spikes. When these indicators show similar peaks historically, it can sometimes indicate that Bitcoin is approaching a local top.

Bitcoin social commentary is rising

According to SantimentBitcoin social commentary spiked significantly during the last trading session. Both positive and negative sentiments increased, but positive sentiments registered a more pronounced peak. This wave of social commentary was the highest spike yet this year, indicating increased attention and optimism around Bitcoin.

Historically, spikes in social sentiment, and especially optimism, have often led to the formation of local spikes in Bitcoin’s price. Earlier instances also support this pattern.

For example, on May 19 and 20, a spike in social commentary coincided with Bitcoin price rising more than 7% to a local high of over $71,400. Similarly, Bitcoin’s price responded to a spike in social sentiment around June 29 and 30, rising to over $62,000.

Bitcoin social commentaryBitcoin social commentary

Source: Santiment

Given these historical trends, the current spike in positive sentiment could mean that Bitcoin may be approaching a new local top.

Bitcoin is seeing an increase in the buy/sell ratio of buyers

In addition to the above-mentioned findings, the taker’s buy/sell ratio has also increased significantly in the last trading session. According to AMBCrypto’s review of CryptoQuant data, the taker buy/sell ratio, especially on Binance, rose to over 2%. Typically, a spike above 1% indicates dominant bullish sentiment, reflecting aggressive buying behavior among traders.

See also  Experts warn of a malaise of 6 months to $ 73,000

Historically, spikes in this ratio have been followed by Bitcoin (BTC) price increases. The last notable spike occurred on August 8, when the price of BTC rose to around $61,697 after previously falling to around $54,000. This increase in purchasing activity led to a significant price increase on the charts.

Buy/sell ratio for Bitcoin takersBuy/sell ratio for Bitcoin takers

Source: CryptoQuant

The latest spike in the buyer’s buy/sell ratio also coincided with a small price increase, with BTC rising from around $57,000 to around $58,000. If the historical pattern holds, this finding could indicate more upside potential in the near term.

What this means for BTC

A combination of increasing social commentary and buyer buy/sell ratios indicates increased optimism – a sign that further gains are possible.

Here it is worth pointing out that when spikes in key indicators such as taker buy/sell ratio and social commentary occur, it often leads to FOMO (Fear of Missing Out) among traders. This sentiment typically drives more buying activity as traders rush to enter the market, hoping to take advantage of further price gains.


– Read Bitcoin (BTC) price prediction 2024-25


However, as the market rises, FOMO is gradually being replaced by FUD (Fear, Uncertainty, and Doubt). Traders may start to wonder whether the rally can be sustained, leading to a shift in sentiment and possible profit-taking.

Previous: As Bitcoin Approaches $60,000, Are Miners Preparing to Make Money?

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