Social sentiment on Bitcoin drops to yearly low, signaling BTC price breakout

Bitcoin could experience another week of correction before managing to recover above $100,000, according to historical chart patterns.

Social sentiment around Bitcoin has reached its lowest point in 2024, which could signal an incoming recovery above the $$ 100,000 mark for the world's largest cryptocurrency.

BitcoinBitcoin$95,105The price is currently down more than 10% from its all-time high of over $108,300 recorded on Dec. 17, trading above $97,150 as of 12:38 pm UTC, Cointelegraph data shows.

Following the 10% correction, social media sentiment around Bitcoin fell to its lowest level of 2024, with an average ratio of four to five positive versus negative comments related to Bitcoin.

However, this low sentiment from retail investors could be a sign of an impending Bitcoin breakout, market intelligence platform Santiment wrote in a Dec. 22 X post.

“Vocal traders are now displaying severe fear, uncertainty, and doubt, and that’s good news for contrarians who know that markets are moving in the opposite direction of retail expectations.”