Bitcoin social sentiment drops to yearly low, signaling BTC breakout
Bitcoin could see another week of correction before it manages to recover above $100,000, based on historical chart patterns.
Social sentiment around Bitcoin has hit its lowest point in 2024, which could signal an incoming recovery above the $100,000 mark for the world’s largest cryptocurrency.
Bitcoin’s price is currently down over 10% from its all-time high of above $108,300 recorded on Dec. 17, trading above $97,150 as of 12:38 pm UTC, data shows.
Following the 10% correction, social media sentiment around Bitcoin fell to its lowest level of 2024, to an average ratio of four to five positive versus negative Bitcoin-related comments.
However, this low retail investor sentiment could be a sign of an incoming Bitcoin breakout, wrote market intelligence platform Santiment, in a Dec. 22 X post:
“Vocal traders are now showing severe FUD, and that’s good news for contrarians who know markets move in the opposite direction of retail’s expectations.”
Other crypto analysts are also expecting an end to Bitcoin’s correction under $100,000. On Dec. 20, Bitcoin’s daily chart produced three consecutive red candles for the first time since the first week of November, which coincidentally was the lead-up period to Donald Trump’s US election victory.
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Bitcoin fractals point to upward momentum, but another week of BTC downtrend still in play
Bitcoin could be gearing up for a recovery before the end of 2024, based on price fractal patterns that are used in crypto trading to identify key support and resistance levels and potential trend reversals based on historical data.
Based on emerging fractals on the daily chart, Bitcoin could be set to recover above $100,000 in the short term, wrote popular analyst Elja Boom, in a Dec. 20 X post:
“We have seen this before.”
However, Bitcoin’s correction may extend another week, based on historical data shared by crypto analyst Rekt Capital, who wrote in a Dec. 21 X post:
“In 2017, Week 7 as well as Weeks 8 and 9 were also corrective. In 2021, Week 6 and Week 8 were corrective. Bitcoin is currently in Week 7 and slowly transitioning into Week 8.”
Yet, Bitcoin’s price trajectory flashes optimistic signs for 2025. Improving macroeconomic conditions and easing global monetary policy could bolster Bitcoin price above $160,000 before the end of next year, according to crypto services provider Matrixport.
