Cryptocurrency trader sentiment on social media is currently split down the middle, with one side expecting Bitcoin to fall below $70,000 while the other side is forecasting a rise to $130,000.
Bitcoin (Bitcoin) fell below $87,000 on Thursday for the first time since April. However, “social volume continues to show a mix of buy-on-the-dip optimism and gloom, with very little in between,” market intelligence platform Santiment said in an X post.
Data from Santiment’s research platform, Sanbase, found that social media The signals on Thursday were split almost evenly Between predictions of Bitcoin falling to between $20,000 and $70,000 and bullish forecasts of between $100,000 and $130,000.
However, until Friday, there were more discussions about Bitcoin’s price decline.
“Ideally, we start to see many retail forecasts for prices below $70,000, indicating that the bottom has finally been reached. Prices are moving opposite to how the public typically forecasts the markets.”
A tug of war between the crypto bull and the bears
Nick Bookren, analyst and co-founder of Currency office educational portalBitcoin is “being pulled in different directions by conflicting news,” with a “tug of war” emerging, he said in a research note sent to Cointelegraph.
“On the one hand, we have rapidly diminishing chances of a December FOMC rate cut — and on the other hand, a sign of relief that the AI bubble is not about to burst, following Nvidia’s better-than-expected earnings,” he said.
“If this positive mood continues into the weekend, Bitcoin will likely follow,” Bokrin said, adding that if it heads higher, the “next resistance level to watch” is around the $107,500 mark.
Extreme fear presents an opportunity, but timing is everything
Meanwhile, Rachel Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, pointed this out Bitcoin is being traded around $87,000, and technical indicators such as momentum, money flow and volume are all trending lower, which “reflects a sharp deterioration in sentiment.”
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“Volatility is driven by a combination of macroeconomic pressures, liquidity draining from the market, risk-off sentiment, and cyclical dynamics that have historically shaped Bitcoin’s price movement,” she said.
Cryptocurrency Fear and Greed Index, which measures overall market sentiment He came back He received a rating of 14, which put him in the “extreme fear” zone. However, it was still slightly above Thursday’s degree of 11, the lowest since February.
“Extreme fear often precedes opportunity, but timing is everything,” Lucas said.
She added: “With technical techniques under pressure and overall risks rising, traders and investors face a challenging environment.”
“Whether this marks the beginning of a deeper correction or sets the stage for a recovery will depend on liquidity conditions, regulatory developments and institutional flows in the coming weeks.”
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