Amsterdam-based analyst Michael van de Poppe has shared some of his recent analysis, publishing a Bitcoin chart and commenting on the recent BTC market performance.
In the meantime, another on-chain data source, Santiment, has revealed that Bitcoin has reached a high level of bullish social sentiment after the recent speech the U.S. president addressed to Congress.
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“Great signal for Bitcoin”
An hourly BTC/USD chart published by van de Poppe depicts a little sweep of the lows, which was almost immediately followed by a price rebound. The chart shows an upward market structure above the $65,000 price level.
In the tweet, van de Poppe also forecast Bitcoin “attacking” the $70,000 level and going higher after Friday’s options expire. However, to do that, the largest crypto needs to hold firmly above $65,000.
Bitcoin rebounds above $66,000, seeing surge in bullish social discussions
According to a recent tweet published by data aggregator Santiment, the community on social media is rather bullish on Bitcoin at the moment; discussions on such social media platforms as Reddit, Telegram and others have hit the highest ratio of bullish versus bearish commentary over the past four weeks.
That was the result of the U.S. president’s speech before the U.S. Congress, which helped Bitcoin to rebound and sent it above the $66,200 level briefly.
While Santiment reported that retail investors continue selling their BTC to take profits, there is also retail FOMO rising quickly. However, the same source stated that if FOMO remains high, strengthened by a consensus that the bear market is about to end, this may halt further rallies, since, historically, traders en masse tend to interpret crypto prices’ movements incorrectly. Bitcoin has already fallen back to $65,000.
In an earlier tweet, Santiment drew the community’s attention to the fact that over the past half-year, Bitcoin’s regular correlation with the stock market has been the weakest since 2022. While the S&P 500 surged 7% and gold went up 51%, Bitcoin has fallen by roughly 45%. However, the source argues that it is unlikely to stay this way forever, and once Bitcoin’s correlation with the S&P is restored, BTC “may have significant room to catch up.”