Bitcoin’s price surge to nearly $70,000 has caused an increase in bullish sentiment among traders. However, one trader believes that the market is not truly bullish yet and still has a ways to go. Independent crypto analyst Matthew Hyland expressed his opinion on the matter, stating that the sentiment in the crypto industry can be volatile, but a true shift in sentiment requires more interest from retail investors. Hyland pointed out that the outside world has not given as much attention to crypto as it did in 2021. Google search volumes for the term “Bitcoin” reached a one-year low, indicating a lack of interest. Hyland also noted that the current number of market participants is only about 10% of what it was in 2021. Despite this, the Crypto Fear & Greed Index, which measures emotions and sentiments toward Bitcoin and the crypto market, indicates bullish territory. The index currently has a “Greed” score of 72, up from its “Neutral” score of 49. Prominent traders have also been expressing bullish sentiment, with MN Trading Capital founder Michael van de Poppe describing the Bitcoin chart as significantly bullish. However, an analytics firm warned that too much bullish sentiment can lead to a market reversal. Santiment, an onchain analytics platform, stated that markets historically move in the opposite direction of the crowd’s expectations.
Trader says crypto market sentiment is not as bullish as it appears in the echo chamber