Bitcoin ($BTC), the flagship crypto asset, has hit a key milestone in terms of social dominance. Particularly, the social dominance of Bitcoin ($BTC) has touched a 4-month top. As per the data from Santiment, this development indicates the potential of a market reversal in the near term. Historically, increased discussion levels often highlight increased emotional sentiment that could lead to price action.
Bitcoin Hits 4-Month High in Social Dominance
Based on the exclusive market data, the leading crypto asset’s social dominance has spiked to its 4-month top. This development has reportedly occurred following Bitcoin’s price plunge below the $95K spot on Friday. Specifically, on the same day, the discussions related to Bitcoin ($BTC) surged by up to 36.4, displaying the highest point since the 13th of July. As the historical statistics reveal, such peaks in social dominance often pave the way for significant price leg-ups.
Traders Keenly Watch for Signs of Recovery
According to Santiment , with this 4-month peak in Bitcoin’s ($BTC) overall social dominance could serve as a great contributor to a potential price reversal. In this respect, when the top cryptocurrency leads discussions on social media, it often denotes euphoric buying or retail capitulation, indicating the current trend’s exhaustion. Keeping this in view, the Bitcoin ($BTC) traders and market onlookers are keenly looking for a potential rebound following this move. Nevertheless, the actual inferences of this development are yet to be witnessed in the near future.
