Are you missing out on the latest Bitcoin rally? Data suggests that social media is not yet showing signs of FOMO, indicating that the current rally may have room to grow.
Bitcoin Social Volume Hasn’t Been Too High Recently
According to data from Santiment, social media has not yet shown the fear of missing out (FOMO) typically associated with a Bitcoin rally. The “Social Volume” metric, which measures the total amount of discussion on social media platforms, has not seen a significant increase.
The metric tracks the number of posts, rather than mentions, to provide a more accurate representation of the general trend. As a result, recent discussion about Bitcoin has not been out of the ordinary, despite the sharp rally in its price.
Historically, a rise in FOMO has often led to top formations for Bitcoin, while a rise in fear, uncertainty, and doubt (FUD) has resulted in bottom formations. The lack of new FOMO in the current rally could be a promising sign that the rally could continue.
BTC Price
Bitcoin has seen a slight pullback in the past day, slipping under the $51,000 level. Check out the price chart below:
Featured image from Bastian Riccardi on Unsplash.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
