Bitcoin’s Recent Rally Above $50,000 Coincided With A Huge Improvement In Sentiment

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Bit­coin prices broke through $50,000 this after­noon, reach­ing their lofti­est lev­el in more than two years as the dig­i­tal cur­ren­cy ben­e­fit­ed from very sig­nif­i­cant improve­ments in trad­er sentiment.

The crytocurrency’s price reached an intra­day high of $50,255.67 this after­noon, Coin­Mar­ket­Cap fig­ures show.

With­in the last year, the dig­i­tal asset has smashed through the $30,000, $40,000 and now $50,000 lev­els, after falling below $20,000 in 2022.

While bit­coin prices have enjoyed com­pelling gains over the last sev­er­al months, long-term sen­ti­ment mea­sures have shown even more improve­ment, accord­ing to fig­ures pro­vid­ed by cryp­tocur­ren­cy ana­lyt­ics provider The Tie.

The dig­i­tal currency’s long-term sen­ti­ment recent­ly reached a val­ue of 61.38, its high­est since 2022, data sup­plied by The Tie show.

The afore­men­tioned mea­sure is cal­cu­lat­ed by ana­lyz­ing Twitter/X con­ver­sa­tions over the last 50 days to see how pos­i­tive or neg­a­tive they are and then com­par­ing that result to what hap­pened over the last 200 days.

Any score that exceeds 50 indi­cates that the afore­men­tioned con­ver­sa­tions have been more pos­i­tive over the last 50 days as opposed to the pri­or 200 days, and a score below that point indi­cates the opposite.

The chart below shows how this long-term sen­ti­ment mea­sure has changed over the last sev­er­al years:

Upon reach­ing its recent high point, long-term sen­ti­ment had increased near­ly 300% after falling to as lit­tle as 15.44 in September.

The chart below shows how the afore­men­tioned indi­ca­tor declined to that val­ue last year:

Dis­clo­sure: I own some bit­coin, bit­coin cash, lite­coin, ether, EOS and SOL. 

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