The On-Chain Metric That Says Bitcoin Is About To Go “Parabolic”

After closing its best highest week since its inception, the bulls remain in control of the price of Bitcoin. At press time, BTC’s price trade at $61,386 with a 3.8% profit in the daily and a 12.3% profit in the weekly chart. In the crypto top 10, only Dogecoin (DOGE) and Binance Coin (BNB) have outperformed Bitcoin as this asset’s dominance over the crypto market continues to rise. Related Reading | Bitcoin Price Smashes Record For Highest Weekly Candle Close Ever The general sentiment amongst traders and operators seems bullish with potential FOMO coming in the coming weeks if Bitcoin can score a new all time high beyond $64,500. In that sense, research firm Santiment records no spike in BTC’s Weighted Social Sentiment, a metric used to track social media and measure market sentiment. As seen below, this metric stands almost flat as Bitcoin reclaims previous highs. As the chart suggest, there seems to be a correlation between Bitcoin and its social media sentiment. When the metric experiences sudden spikes, BTC’s price trends to the downside most likely driven by short-term investors that enter the crypto market to make a quick profit. Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High Lately, the correlation has inverse as Bitcoin moves higher, its Weighted Social Sentiment trend lower. Santiment noted the following: (…) traders are showing a surprisingly low level of excitement...