A warning has emerged that the recent rise in the cryptocurrency market may not last long as bullish remarks surge on crypto-related social media. Cointelegraph reported on May 10 that crypto sentiment analytics platform Santiment pointed to the current spread of optimism as a short-term risk signal.

Santiment said that after tracking cryptocurrency accounts active across multiple platforms, the ratio of bullish to bearish posts is currently about 1.5 to 1. Bitcoin has risen 11.50 percent over the past 30 days and traded at $80,628 at the time of writing.

Santiment said in a report released on Saturday that rallies that begin with a confident crowd tend to reverse faster than rallies that climb a wall of worry. It added that moves higher amid scepticism often last longer.

The Crypto Fear & Greed Index registered a neutral reading of 47 on May 10. The index re-entered the fear zone on May 8 and fell to 38 on May 9. That means investors are still viewing the market cautiously.

Santiment presented a pullback, rather than a further breakout, as the most desirable scenario for bitcoin at present. It said an ideal move would be to retrace to $75,000, flush out late long positions and reset sentiment to build a healthier base.

It also pointed to an increase in the bitcoin supply on exchanges over the past 5 days as suggesting the possibility of short-term profit-taking. Santiment said rising exchange-held balances after a long decline could be an early sign of profit-taking.

Price outlooks differed. Michael van de Poppe (마이클 반 데 포페), founder of MN Trading Capital, said bitcoin could retest the $70,000 to $75,000 range before continuing its upward trend. Crypto analyst Matthew Hyland (매슈 하이랜드) forecast that bitcoin is likely to reach between $87,000 and $95,000 before June.