Bitcoin’s long-term sentiment reached its highest point ever today as multiple media outlets reported that the cryptocurrency attained its loftiest value in history.
This sentiment climbed to a reading of 82.07 today, according to figures provided by cryptocurrency analytics provider The Tie.
The chart below displays this activity:
Bitcoin’s price and long-term sentiment
The Tie
Recently, this sentiment measure has achieved multiple milestones, hitting an all-time high yesterday (surpassing the previous record set in July 2020) and then extending these gains today, additional data supplied by The Tie reveals.
The aforementioned long-term sentiment measure is calculated by evaluating how positive or negative X (Twitter) conversations were over the last 50 days and then comparing that result to how positive or negative they were in the last 200 days.
Any reading above 50 indicates that social media conversations have been more optimistic over the last 50 days compared to the prior 200 days, and a reading below 50 shows the exact opposite.
Over the last several months, bitcoin’s long-term sentiment has increased significantly, rising more than 400% after falling to a local low of 14.98 in October.
The chart below displays this recent low:
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.
