Bitcoin Sentiment Hits Yearly Low, Signaling Potential Breakout Beyond $100K

Bitcoin social sentiment has dropped to its lowest point in 2024 following a 10% correction, suggesting a potential recovery above $100,000 based on historical patterns and contrarian market trends.

Bitcoin, the world’s largest cryptocurrency, could be on the brink of a major recovery despite a sharp 10% price correction. Currently trading at $97,150, down from its all-time high of $108,300 on December 17, Bitcoin’s social sentiment has plummeted to its lowest level in 2024.

According to data from Santiment, retail investor sentiment has shifted significantly, with a ratio of four to five positive versus negative Bitcoin-related comments. This indicates a rise in fear, uncertainty, and doubt (FUD) among traders. However, this negative sentiment could paradoxically signal a rebound.

“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,” Santiment noted in a December 22 post on X.

The current downturn also aligns with emerging fractal patterns on Bitcoin’s daily chart. Popular analyst Elja Boom observed that Bitcoin’s price is following historical fractals, hinting at an imminent recovery above the $100,000 mark. Similarly, analyst Rekt Capital pointed out that Bitcoin is in Week 7 of a historically corrective phase, with additional downward pressure likely for another week.

Despite short-term volatility, market projections remain optimistic for 2025. Crypto services provider Matrixport predicts Bitcoin could surpass $160,000 by the end of next year, buoyed by improving macroeconomic conditions and easing global monetary policies.

Bitcoin’s trajectory appears to mirror previous cycles, where significant corrections have often preceded strong bullish rallies. As traders brace for another week of potential corrections, many are keeping a close eye on key support and resistance levels to gauge the next big move for Bitcoin.

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