Bitcoin (BTC) price action has been quite outstanding going into the weekend

According to blockchain analytics firm Santiment, here's how different groups of investors and market participants are reacting to the recent bullish momentum and how it could impact price

Bitcoin investors are entering the weekend in a positive mood, reflecting the market climate over the past week. According to blockchain analytics firm Santiment, different groups of investors and market participants could impact price over the coming weeks.

Can BTC Reach A New 6-Figure High?

In a recent post on X (formerly Twitter), Santiment revealed that there has been a positive shift in the mood of Bitcoin investors in the crypto market. This burst of optimism came on the back of the premier cryptocurrency’s run to above the $95,000 level for the first time since February.

The analysts noted that the excitement and FOMO (fear of missing out) in the Bitcoin market is predictably at its highest level this year. Specifically, the level of greed across various social media platforms appears to be increasing significantly, reaching its highest level since the 2016 US presidential election.

On-chain data from Santiment shows that the ratio of positive commentary to negative commentary about the Bitcoin price is 2.1 bullish posts to 1.0 bearish posts, reflecting the optimistic and greedy state of the market. As a result, the analytics firm expects the flagship cryptocurrency to be quite sluggish over this weekend.

This sluggish and potentially negative price action over this weekend is connected to the retail traders who are likely to book profits around the current price. However, if the retail investors continue to sell their assets, Santiment noted that the whales (large investors) might mop up the sold coins.

According to the blockchain firm, the buying activity of the whales could be bullish for the Bitcoin price, pushing the market leader toward a six-figure valuation.

“If they sell here because they think we are seeing a top, whales would likely scoop up those coins and potentially push Bitcoin above $100K in the next 1-2 weeks,” the post read.

Furthermore, Santiment postulates that the likelihood of reaching a local top around the current price depends on the investor sentiment (the crypto crowd’s level of fear and greed) or the decoupling of Bitcoin from the US equities market. Hence, paying attention to sentiment-related metrics could help provide insight into the next move for the Bitcoin price.

Bitcoin Price At A Glance

As of 07:35 AM ET on Friday, the price of BTC stood at around $94,146, reflecting an over 1.5% increase in the past 24 hours. However, the world’s largest cryptocurrency had lost some gains over the past week by about 0.6%.

The post Bitcoin investors enter the weekend in a positive mood as different groups of investors could impact price appeared first on Benzinga.com.

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