Bitcoin Social Sentiment Hits Yearly Low, hovering under 100k USD

The social sentiment surrounding Bitcoin has plunged to its lowest level in 2024, potentially signaling an incoming recovery for the world’s leading cryptocurrency.

This downward price movement has coincided with a marked decrease in Bitcoin-related positivity across social media. Recent data shows an average ratio of four to five positive versus negative comments. Analysts suggest this low retail sentiment might indicate an impending reversal. Market intelligence platforms have noted that severe fear, uncertainty, and doubt (FUD) among vocal traders often set the stage for a contrarian recovery, as markets tend to move against the majority’s expectations.

Despite the dip, crypto analysts are projecting a near-term recovery for Bitcoin. On Dec. 20, Bitcoin’s daily chart produced three consecutive red candles—a pattern not seen since early November. This movement precedes potential upward momentum that many believe could push Bitcoin back above $100,000.

Bitcoin’s current correction could persist for another week, based on patterns observed during previous bull runs. Historical data indicates that multi-week corrections are typical during this phase of Bitcoin’s price discovery. For instance, in 2017 and 2021, corrective phases spanned Weeks 6 through 9.

While the market remains volatile, the long-term outlook for Bitcoin continues to capture investor confidence. With sentiment at historic lows and patterns indicating a potential breakout, this period could mark a turning point for the cryptocurrency.