A key measure of how market participants feel about bitcoin hit its record price last month, achieving that milestone on the same day that costs hit new highs, according to figures from analytics provider The Tie.
Bitcoin’s long-term sentiment, which the aforementioned analytics company calculates by assessing the degree of optimism of recent posts on X (formerly Twitter) compared to a longer-term average, reached 85. 7 on March 13, more information provided through The Tie reveals. . .
The aforementioned indicator reached this new high precisely on the same day that the value of the virtual currency marked a new all-time high above $73,000.
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Specifically, this long-term sentiment indicator measures the degree of positivity of those posts over the past 50 days and compares it to the last two hundred days.
If the metric is 50 or higher, it means that market participants were more positive in the most recent era than in the longer-term era. Anything below 50 indicates the exact opposite.
It should be noted that Bitcoin’s long-term sentiment reached an all-time high in mid-March after setting a previous all-time high, where the indicator reached 82. 07, on March 5.
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It should be noted that this long-term measure of Bitcoin sentiment has particularly risen in recent months, surpassing more than 400% after falling to a recent low of around 14. 98 in October 2023.
Disclosure: I Bitcoin, Bitcoin Cash, Litecoin, Ether, EOS and SOL.