Trader says crypto market sentiment is not as bullish as echo chamber suggests

Bitcoin’s price approaching $70,000 has resulted in a change in market sentiment, with an increase in bullish posts among traders. However, one trader cautions that the market is not fully bullish yet and still has a way to go.
Independent crypto analyst Matthew Hyland expressed his opinion that the current sentiment is not very bullish. He believes that people in the crypto industry can be easily influenced by the prevailing sentiment, but in reality, the outside world is not paying as much attention to crypto as it did in 2021.
According to recent reports, Google search volumes for the term “Bitcoin” reached a one-year low in the week of October 12, 2024. Hyland argues that the number of current market participants is only about 10% of what it was in 2021 and around 50% of what it was earlier in 2024.
On the other hand, the Crypto Fear & Greed Index, which measures emotions and sentiments towards Bitcoin and the broader crypto market, indicates a bullish sentiment among market participants. The Index currently has a “Greed” score of 72, up 23 points from its “Neutral” score on October 12.
Prominent traders have also expressed a bullish sentiment on Bitcoin’s price. MN Trading Capital founder Michael van de Poppe described the price chart as significantly bullish, while Glassnode lead analyst James Check questioned if there is a more bullish looking price chart than Bitcoin’s.
However, an increase in bullish posts from the crypto community can also signal excessive optimism, which could lead to a market reversal. Analytics firm Santiment warned that markets tend to move in the opposite direction of the crowd’s expectations. Currently, there are 1.8 bullish posts about Bitcoin for every bearish post.
In conclusion, while there is an increase in bullish sentiment and positive price movements, it is important to remain cautious and consider the broader market dynamics before labeling the market as fully bullish.