Social sentiment data, strengthening fundamentals and on-chain analysis suggest Bitcoin is on the verge of a 2017-style bull run.
Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12.
Social media sentiment for Bitcoin has slumped to a two year low yet technical indicators are still saying ‘buy’
A number of metrics indicate that social and trading sentiment for Bitcoin is still low despite its price breaking above $11,000 a couple of hours ago.
On-chain analytics provider, Santiment has revealed that weighted social sentiment for Bitcoin is at its lowest level for two years.