Bitcoin (BTC) Price Analysis: Bullish Commentary Soars to Three-Week High, Possible "Moderate Pullback" Before Breaking Historical High

The Blockchain analysis platform Santiment indicates that cryptocurrency traders are increasingly optimistic on social media about the possibility of Bitcoin returning to $110,000, but the surge in optimism is not always a good sign. Santiment analyst Brian Quinlivan stated that people are clearly starting to drool over the potential market value of Bitcoin exceeding $110,000.

Bullish comments on Bitcoin soar to a three-week high

Santiment data shows that for every bearish comment about Bitcoin, there are 1.51 bullish comments, which is the highest sentiment ratio in the past three weeks. The data comes from multiple platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk, and Farcaster.

(Source: Santiment)

Although the market sentiment seems to be rising positively, Quinlivan warned that traders' optimistic sentiment also experienced a similar spike, but subsequently, the Bitcoin price dropped on June 11 and July 7.

He said: "It is well known that price trends are contrary to public expectations, as retailers always incur losses due to overly emotional decisions."

Quinlivan pointed out that Monday's trading activity showed an increase in bullish comments, while at the same time, the price of Bitcoin briefly reached a local high of $109,595 but quickly fell back to $107,681.

He said: "We can see clear signs that retail investors are buying into the upward momentum of Bitcoin prices."

Bitcoin may experience a "moderate pullback" before setting a new historical high

Quinlivan believes that Bitcoin may experience a "moderate pullback" before breaking the historical high of $111,970 set on May 22.

Quinlivan also pointed out that Bitcoin whale wallets (wallets holding 10 to 10,000 BTC) have shown little activity recently, which may indicate a cautious attitude in the market.

Quinlivan stated: "Currently, the flat situation of these wallets is somewhat suspicious." He added that whales have sold 14,140 BTC in the past week.

As they accumulate, prices usually follow closely behind. When they are sold off, or even just temporarily stop accumulating, it often signals that the market value of Crypto Assets may experience a decline.

However, he emphasized that the long-term trend remains bullish and pointed out that whales and sharks will steadily accumulate over the next six months.

Are macroeconomic headwinds coming?

Javier Rodriguez-Alarcon, the Chief Business Officer of the digital asset trading company XBTO, stated that several upcoming events may test the resilience of the entire crypto market in the coming weeks.

Although his previous concerns about the U.S. tariffs deadline imposed by President Donald Trump were alleviated after the deadline was postponed to August 1, Rodriguez Alarcon emphasized other macroeconomic factors that may still affect the price trend of Bitcoin.

He stated that the minutes released by the Federal Reserve's rate-setting committee on Wednesday could impact the broader Crypto Assets market and lead to "significant resistance for risk assets."