U.Today – the first and largest cryptocurrency by market capitalization, rose to a high of $102,650 in Saturday's trading session as the cryptocurrency market ended the week.
Despite the price recovery, social media buzz surrounding Bitcoin purchases has remained surprisingly quiet, reflecting the market's cautious sentiment, Santiment said.
This lack of enthusiasm points to a convincing setup for Bitcoin's next big swing, and on-chain data provides important clues to time potential buy and sell opportunities.
According to Santimento, based on social dominance metrics, the best time to buy is when the crowd is panicking, and the best time to sell is when the crowd is greedy.
According to the chart presented by Santiment, it was observed that on November 26th and December 2nd the sell-to-buy ratio was high, which led to the rise of Bitcoin, but on November 21st and December 2nd. The ratio of buys and sells was high on the day. Bitcoin subsequently fell on the 5th.
Now, the quiet buying buzz on social media could indicate that the market is not yet in a greedy state. This could suggest that Bitcoin may still have room to grow before reaching a peak where selling becomes favorable.
Bitcoin surpasses $102,000
Cryptocurrency markets soared Wednesday after a two-day break following Bitcoin's historic $100,000 rally last week.
Cryptocurrencies further rose as the consumer price index for November was in line with expectations, rising 0.3% from October and 2.7% from the previous year. Speculators believe the numbers pave the way for the Federal Reserve to cut rates again at next week's December meeting.
Bitcoin retested the $102,000 level for the second time this week on Thursday, reaching an intraday high of $102,650 in today's trading.
Investors expect Bitcoin to continue falling near the $100,000 level, but are optimistic that the price could double over the next year. Bitwise and Bernstein predict a cycle high of $200,000 in 2025. In his 2025 forecast released Wednesday, Fundstrat's Tom Lee predicted that Bitcoin will “rise to $250,000” next year. Bitcoin's recent high is $103,844.
This article was originally published on U.Today
