Bitcoin is inching closer to the $110,000 level, and social media is lighting up with bullish chatter. Crypto enthusiasts are hopeful this move could lead to a new all-time high but not everyone is convinced it’s a smooth ride ahead.
According to blockchain analytics firm Santiment, online conversations around Bitcoin have taken a sharp turn toward optimism. For every bearish take, there are now 1.51 bullish ones, the highest such ratio in the past three weeks. This data pulls from platforms like Reddit, X (formerly Twitter), Telegram, and 4chan, giving a wide-angle view of the sentiment shift.
Santiment’s Brian Quinlivan Said while speaking to Cointelegraph,
“It’s pretty clear that the crowd is starting to salivate over a potential $110K+ Bitcoin market value,”
He also issued a warning: sharp spikes in retail enthusiasm have recently been followed by market pullbacks.
Quinlivan pointed to two key moments June 11 and July 7 where similar optimism preceded price drops. Something similar just happened again. On Monday, Bitcoin briefly reached $109,595 before dipping down to $107,681, catching overly eager buyers off guard.
Quinlivan added,
“We saw clear signs that retail was buying into the rising momentum of Bitcoin’s price,”
Cautious Whales, Bullish Trends
While retail traders are celebrating, Bitcoin whale wallets have taken a more careful approach. Wallets holding 10 to 10,000 BTC have sold off over 14,000 coins in the past week. Historically, prices often follow their lead up when they buy, down when they don’t.
Quinlivan noted,
“For now, these wallets have been somewhat suspiciously flat,”
Even so, the long-term view remains positive. Whales and sharks have steadily accumulated Bitcoin for six months, suggesting deeper confidence in the asset.
Meanwhile, macroeconomic factors like upcoming U.S. Federal Reserve announcements could influence short-term market behavior. According to XBTO’s Javier Rodriguez-Alarcon, such events may “cause significant headwinds for risk assets” including crypto.
