Is Bitcoin FOMO Yet to Increase? Could this Be a Positive Sign for the Continued Rally?

Bitcoin Social Media Activity Indicates Potential for Continued Rally

Data from Santiment reveals that social media users have not yet exhibited fear of missing out (FOMO) surrounding Bitcoin, suggesting that the current rally may still have room to grow.

Low Social Volume for Bitcoin

Santiment’s “Social Volume” metric, which tracks the amount of discussion a topic receives on major social media platforms, has not shown a significant increase in relation to Bitcoin. The metric counts the number of posts about a specific term to provide an accurate representation of overall interest.

Importance of Measuring Posts Rather Than Mentions

The number of posts is a more reliable indicator of widespread attention compared to mentions, which can be influenced by niche discussions. By analyzing post volume, it is possible to gauge the general trend surrounding a particular topic.

FOMO and Bitcoin Trends

In the past, Bitcoin has often moved contrary to market expectations, with increased FOMO coinciding with market tops and increased fear, uncertainty, and doubt (FUD) signaling bottoms. However, recent data shows that despite a 74% price rise in four months, FOMO has not been present for Bitcoin.

Promising Sign for Bitcoin Rally

The lack of new greed in the space can be seen as a positive sign that the current rally in Bitcoin can continue. The interest in BTC following the SEC’s approval of 11 ETFs was short-lived, indicating that there may be more room for growth in the market.

Bitcoin Price Pullback

Bitcoin has experienced a slight pullback recently, with its price falling below $51,000.

Hot Take: Continued Rally Potential as FOMO Remains Low

Data analysis suggests that the current Bitcoin rally may have further room for growth as social media users have not displayed significant FOMO. The lack of widespread interest and greed in the market is viewed as a positive sign, indicating that the rally could continue. However, Bitcoin has experienced a minor price pullback in recent days, potentially impacting its upward momentum.