He noted similar spikes on June 11 and July 7 that were followed by dips. When nearly half of all crypto posts focus on one coin, retail FOMO can push prices up briefly. But sentiment then cools, and traders get priced out.
Harvey said that consolidation around current levels is his base case. But he also left open the chance of another move higher before the end of July.
Quinlivan’s earlier cautions proved accurate. After the June 11 social spike, Bitcoin slipped. The same thing happened after a July 7 surge in optimism. Those episodes make it clear that online buzz and price tops often go hand in hand. Traders who watched those patterns could have waited for a cooldown and entered on dips.
Based on reports, the next key entry point may come after sentiment cools again. Watching social dominance alongside on‑chain signals could give a clearer picture. If the peak signal from CryptoQuant finally lights up, it might mean true exhaustion. Until then, Bitcoin’s ride could see more shifts up and down.
Such market movements capture the dual‑edged quality of hype. On the one hand, large rallies attract new money and enthusiasm. On the other, they can be indicative of tops that result in pullbacks.
Featured image from Unsplash, chart from TradingView
