Data suggests Bitcoin could be headed for $75K as it surged past the $62,600 mark today, marking an over 25% advancement within just three.
This rapid upsurge comes during one of the most volatile weeks the cryptocurrency market has experienced since the FTX collapse two years ago. In particular, Bitcoin plummeted by 20% to the $49K level on Monday but has since recovered significantly.
According to data from intelligence platform Santiment, this sharp rise caught many traders off guard.
As a result, the analysis urged market participants to anticipate heightened excitement that could drive Bitcoin to the price levels of $70,000 and $75,000 in the short term. For Ethereum, Santiment argued for a likelihood of a retest of the $3,500 price level soon amid the ongoing rebound.
Increased Excitement For $70K
As Bitcoin’s price surged, Santiment’s data revealed significant social media activity surrounding specific price levels. The analysis tracked mentions of Bitcoin, focusing on discussions concerning the $40,000 to $45,000 price range for bearish sentiment and the $70,000 to $75,000 range for bullish sentiment.
The social volume saw a noticeable increase as Bitcoin approached the $62.6K mark, signaling growing optimism among traders.
Bitcoin social volume | Santiment
This increase in social discussions often correlates with market sentiment, with traders speculating whether Bitcoin can sustain its upward momentum. However, Santiment notes that this is a mid-term sign rather than one that signals whether a bullish market is starting or ending.
Ethereum’s Parallel Trend
Similarly, Ethereum experienced a significant price movement during the same period, with the cryptocurrency’s value climbing notably in early July. Santiment analysis noted a trend in social media mentions, with most focusing on Ethereum’s price levels within the $3,000 and $3,500 range.
Ethereum social volume
However, the data also shows a subsequent decline in both price and social volume after August 5, suggesting that the excitement may have led to a temporary peak in the market.
XRP’s Leading Role in Market Recovery
Amidst these movements, XRP emerged as a standout performer, leading the market recovery following a steep decline earlier in the week, according to separate data from Santiment.
Crypto price change
Driven by positive sentiment surrounding its ongoing lawsuit, XRP saw substantial gains, outpacing other major cryptocurrencies like Bitcoin and Ethereum.
Essentially, Santiment believes the market could sustain the ongoing momentum, with Bitcoin likely setting a new all-time high at $75K, helping another crypto surge.
