Almost half of all mention of the cryptocurrency in social media this week focused around Bitcoin, because it achieved modern ups, the level of domination, which can signal a local top and potential tiny -term withdrawal, according to the Santiment of the Sentiment Platform.

“When the Bitcoin market value exceeded USD 123.1 thousand for the first time in over 17 years of history, there was an equally historical increase in social dominance”, analyst Santiment Brian Quinlivan he said in a report from Wednesday.

Various bitcoin conversations led to price drops

“43.06% of all cryptographic discussions were about BTC, as did the market value of the coin,” added Quinlivan. Quinlivan said that “a sudden jump pointed to many retail traders”, questioning the view of several other industry participants who believe that retail investors have not yet entered the market.

On July 11, Bitise of Research André Dragos said that Bitcoin (BTC) is at modern highest levels, but the retail “almost can’t be found”.

Just three days later, on Monday, Bitcoin reached the highest level of USD 123,100 on Binance, before he recovered to 117,011 USD at the time of publication, According to Two nansen data.

Quinlivan said that although growing sentiments may seem positive, history shows that references about bitcoins in social media often decrease in price.

“Wait for euphoria to cool down, and you will probably find another key input point,” he said.

After a recent Quinlivan warning, it appears that after similar jumps in the trader’s optimism, there were a decrease in Bitcoin prices both on June 11 and 7.

Analysts are optimists that the growth of bitcoins will continue

However, some analysts say that Uptrend will probably be continued.

On Wednesday, the analyst Cryptoquant Axel Adler JR pointed to the lack of a bitcoin peak signal, which is an indicator that appears when the market is overheated, which suggests “we are not even the highest.”

Related: Bitcoin Resistance after 120,000 $ tips for consolidation before the Impulse rally up to $ 135,000

However, the head of the Franchise Galaxy Digital, Michael Harvey, said that Bitcoin may be in a tiny stage of consolidation after a recent height to the modern ups of all time, but the next leg before the end of July is not turned off.

“Consolidation around current prices is my basic matter, taking into account a large rally and a new ATH,” said Harvey Cointelegraph.

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