Bitcoin Crosses Key Milestone

Bitcoin has crossed the 160-day threshold since the last halving event, which historically marks the point where significant upward price movement begins. This milestone has caught the attention of market watchers and analysts, who are closely monitoring Bitcoin's price action.

Sentiment Analysis

As Bitcoin ($64,314, 24h volatility: -2.0%, Market cap: $1.27T, Vol. 24h: $19.36B) continues to see steady price growth, recent data suggests that the market may be overly optimistic.

Today, on-chain analytics platform Santiment reported that market sentiment around Bitcoin is at its most bullish point in months. However, Santiment cautioned that this could work against expectations of BTC reaching new all-time highs.

Santiment's analysis delved into social sentiment data, revealing that for every bearish post about Bitcoin, there are 1.8 bullish posts. While this level of optimism might typically be seen as a positive indicator, the analytics firm noted that markets often move contrary to the crowd's expectations.

"In a raging bull market, everyone is bullish, and it keeps pumping," argued one user on X, reflecting skepticism about the contrarian view.

Analyst Predicts Breakout

Meanwhile, well-known crypto analyst Rekt Capital recently commented on Bitcoin's price movement, suggesting that the cryptocurrency could be nearing the end of its reaccumulation phase.

According to the analyst, Bitcoin has crossed the 160-day threshold since the last halving event, which historically marks the point where significant upward price movement begins.

In a September 26 YouTube video, Rekt Capital stated that this week might see some sideways price action before an upward motion. He explained, "If things continue on this path, we could see a breakout in the next week or two. Bitcoin is poised to move to new all-time highs, and it's just a matter of when, not if."

Bitcoin Price Action

This bullish outlook comes amid Bitcoin's recent price gains. Since mid-September, the cryptocurrency has risen by around 14%, climbing from below $58,000 to over $66,000 in around ten days.

These gains have helped make this September Bitcoin's most robust in terms of performance since its inception, with a monthly rise of around 12%.

The shift in sentiment is also evident in the Bitcoin Fear and Greed Index, which measures market sentiment on a scale from extreme fear to extreme greed.

As of September 30, the index rated 61, firmly placing it in the "greed" territory. This marks a significant turnaround from earlier in the month when the index hit a low of 22, indicating "extreme fear."

While the current market outlook remains bullish, there are concerns about Bitcoin's ability to sustain this momentum.

Despite its recent climb, Bitcoin is trading around $64,350, around 13% below its all-time high of $73,734 set in March. Early Monday trading saw the cryptocurrency drop by 1.7% over the previous 24 hours.