Following its peak at an all-time high of $73,737 in mid-March, Bitcoin has experienced a period of fluctuation and consolidation, failing to sustain its momentum at lofty levels. Despite the anticipation surrounding the April halving event, Bitcoin's price performance in recent weeks has yet to fully reflect this pivotal milestone.

However, a glimmer of optimism emerged in the past week as Bitcoin surged above $67,000 for the first time in nearly a month. While sentiment toward the cryptocurrency market and its flagship asset has been lukewarm in recent weeks, the recent bullish rally appears to be instigating a shift in sentiment among investors and enthusiasts alike.

According to a recent report by on-chain analytics firm Santiment, sentiment surrounding Bitcoin has experienced a notable uptick following its latest rally above $67,000. This assessment is based on the Weighted Sentiment metric, which gauges the overall positive or negative sentiment toward a cryptocurrency.

The Weighted Sentiment metric comprises two sub-metrics: sentiment score and social volume. The sentiment score evaluates whether the sentiment among the crowd is positive or negative, while social volume tracks the total amount of discussion surrounding the asset on social media platforms.

Santiment's analysis reveals that Bitcoin's weighted sentiment recently reached its most bullish level since January, propelled by the recent surge in price. The last time sentiment toward Bitcoin was this bullish was following the approval of BTC spot ETFs by the Securities and Exchange Commission in the United States.

Interestingly, Bitcoin is not the only top 20 cryptocurrency experiencing a surge in positive sentiment at present. Santiment's data indicates that Chainlink (LINK), a prominent cryptocurrency, has also witnessed a significant increase in bullish sentiment, coinciding with a nearly 20% rise in its value over the past week.

While a bullish sentiment is generally viewed as positive, there is a caveat to consider. The fear of missing out (FOMO) phenomenon can quickly take hold, potentially leading to a rapid price correction. Santiment emphasized the importance of FOMO remaining low for a sustained Bitcoin price rally and the possibility of reaching the $70,000 mark.

As of the time of writing, Bitcoin is trading at $66,924, reflecting a 2.3% increase over the past day. Notably, the cryptocurrency has recorded a 10% gain over the course of the week, underscoring the renewed optimism and upward momentum within the market.