The recent increase in bullish sentiment in the cryptosphere that we've all seen is not diminishing, quite the contrary in fact. The positive vibes and bullish mood just keeps on gaining traction.
Take a look at the latest augmento.ai graph for Bitcoin sentiment on the Bull & Bear Index, it's nearing the 0.5 position, currently at 0.475. This is very encouraging. We're almost half way to extreme bull territory, that happens when the reading hits 1. So yes still some way to go, but in my humble opinion things are looking quite rosy.
(Bitcoin sentiment – Bull & Bear Index, 29/9/24)
Check out the Bitcoin bull and bear measurement on CoinMarketCap and the good news is even better. Bullish sentiment is recorded now at 61%.
This is up 11% from nine days ago when bearish and bullish sentiment was level at 50% each.
Now take a look at the seven day price chart for Bitcoin and we can see a nice green vertical movement. Bitcoin is up around 5% on this time last week. We're seeing some solid indicators here that perhaps speak of a new strength in the cryptosphere we haven't seen for a while. It's slow and steady but it's there. And slow and steady is usually what we want if we are looking for a sustained bull.
Only two days ago CoinDesk published an article stating Bitcoin FOMO is back, claiming BTC would soon hit $70k again and then going on to set new highs. This comes after serious stablecoin minting in recent weeks flooding the crypto economy with vast liquidity.
It's all looking and sounding very promising out there. Let's hope we soon see the return of our old and sorely missed friend - the bull.
I've already asked in another post but got no answer... What does "bull" mean?
Hey man, how's you? Bull in crypto or market speak just simply means a boom in the overall market where rising prices and investor optimism soars.
Oook thanks 😁