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Bitcoin maxis are buzzing with excitement, but new all-time highs? Well, they might have to wait. Onchain analytics platform Santiment just dropped a spicy take: the market’s bullish vibes could backfire. Their latest data shows Bitcoin holders getting a little too eager, and history says that might mean the opposite is coming.

Right now, the sentiment scale is tilted heavily. For every 1 bearish post about Bitcoin, there are 1.8 bullish ones. This could be a problem because, according to Santiment, “Markets historically always move in the opposite direction of the crowd’s expectations.” So if the crowd is getting too hyped, it could be time for Bitcoin to chill.

Bullish Vibes Everywhere, But What Comes Next?

Bitcoin’s price has been creeping up over the past two weeks, jumping around 14% from its recent lows on Sept. 17 to a high above $66,000 by Sept. 28. That’s no small feat for September, a month that’s usually brutal for crypto. In fact, this could end up being Bitcoin’s best September ever, with about 12% in gains so far.

But wait, there’s more. The media’s sentiment is changing, too. Casa’s chief security officer, Jameson Lopp, pointed out how even mainstream news outlets have started switching from fear to optimism. He noted that “Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time.”

At the same time, the Bitcoin Fear and Greed Index is signaling greed again, hitting a score of 61 on Sept. 30. That’s a big shift from earlier this month, when it was buried deep in ‘extreme fear’ with a score of 22. Market emotions? Volatile, to say the least.

Could China’s Stablecoin Scene Slow BTC’s Surge?

But here’s the twist. Cointelegraph just reported that bearish sentiment is creeping in from China. Demand for stablecoins is slumping, which isn’t great for Bitcoin. When dollar-pegged stablecoins trade at a discount over there, it means bearish vibes could slow Bitcoin’s run to a new ATH.

BTC is currently sitting around $64,406, about 12.6% off its record high from March. While Bitcoin’s been on a decent run lately, it’s still retreating a bit—slipping almost 2% during early trading on Sept. 30.