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Analytics firm Santiment says bullish sentiment among social media users has surged alongside the latest Bitcoin rally, with its Positive/Negative Sentiment indicator moving into what the firm describes as the FOMO zone.
Santiment’s Positive/Negative Sentiment compares bullish and bearish sentiment toward an asset across major social media platforms. The metric uses a machine-learning model to classify posts as positive or negative, then calculates the ratio between the two.
According to Santiment’s data, the Positive/Negative Sentiment for Bitcoin recently crossed into the FOMO zone. The indicator had previously fallen sharply last weekend as Bitcoin pulled back from a high above $78,000. At its lowest point, the metric dropped into Santiment’s defined FUD zone.
After the period of intense bearish sentiment, Bitcoin’s price action turned upward in a way Santiment notes has appeared in the past: when the crowd becomes highly confident in a direction, the likelihood of an opposite move can increase. Santiment adds that bearish expectations inside the FUD zone can be strong enough to make bottoms more likely.
As Bitcoin approached the $80,000 mark, Santiment reports that the Positive/Negative Sentiment spiked back into the FOMO zone, indicating a shift in social media sentiment in the opposite direction from the prior selloff.
“Prices can continue to rally, and a breach above this resistance level would be massive in bringing in new and returning traders. However, it will ideally happen when optimism calms down just slightly.”
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