Will Bitcoin “To The Moon” Soon?

As the third quarter of 2022 starts off on a positive note, it is safe to say that the Bitcoin craze is also regaining heat in the crypto community. Despite Celsius confirming bankruptcy, Bitcoin maximizers are increasingly hopeful. While their favorite coin is swimming in shallow water, most believe the price will rise sharply. So, where does BTC go from here?

Bitcoin optimism has recently increased, and the new data reflects the community’s hopes. Social indicators increased strongly according to many analytical platforms. Santiment says BTC mentions of “lambo” and “moon” increased significantly by nearly 8% in July and are at their highest level since January 2018.

Historically, this metric represents the growing optimism of traders in the crypto community.

On the other hand, well-known analyst Ali Martinez has pointed to BTC balances on exchanges reaching a 4-year low.

In addition, analyst Plan C mentioned the surrender situation in a recent analysis on Twitter. Specifically, the surrender in June topped the list of the worst surrender events of the decade. Between June 14 and 23, about 1.06 million BTC in unrealized losses.

However, from 7th to 16th July, only about 352,000 BTC of unrealized losses remained. This signals that trader sentiment is improving, and Plan C wonders:

“Peak capitulation already?”

Combining these signals clearly shows the growing optimism in the Bitcoin community. Maximizers have mentioned much on social media over the past weeks as they continue waiting for BTC to hit $21,000.

In a recent report, one of every three social media asset discussions is about Bitcoin. The metric hit a 13-month high last week, along with growing positive comments about the crypto king on social media.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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