Nearly half of all crypto-related mentions on social media this week revolved around Bitcoin as it reached new highs, indicating a potential local top and short-term pullback, per Santiment. Retail FOMO could be driving the surge, despite observations that retail investors have not yet entered the market.

Bitcoin hit an all-time high of $123,100 on Binance before dropping to $117,011, according to Nansen data. Santiment analyst Brian Quinlivan warned that spikes in social media sentiment often precede price declines, advising investors to wait for euphoria to subside for a key entry point.

Despite warnings of potential price drops, some analysts are optimistic about Bitcoin’s continued surge. CryptoQuant analyst Axel Adler Jr noted the absence of a peak signal, suggesting the market is not overheated. Galaxy Digital’s Michael Harvey anticipates a brief consolidation phase before another leg up by the end of July.

Read more at Cointelegraph: Bitcoin’s Social Chatter Spike Signals ‘Key Entry Point’ Ahead