$BTC Sentiment Hits Yearly Low, Signaling Potential Breakout

Bitcoin could experience another week of correction before recovering above the $100,000 mark, according to historical chart patterns. Social sentiment around Bitcoin has reached its lowest point in 2024, which might indicate an upcoming recovery for the world’s largest cryptocurrency.

$BTC price is currently down over 10% from its all-time high of above $108,300 recorded on December 17, trading above $97,150 as of 12:38 pm UTC. Following this 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 Bitcoin-related comments. However, this low retail investor sentiment could be a sign of an incoming Bitcoin breakout.

Other crypto analysts also expect an end to Bitcoin’s correction under $100,000. On December 20, Bitcoin’s daily chart produced three consecutive red candles for the first time since early November, which coincided with the lead-up to Donald Trump’s US election victory.

$BTC fractals point to upward momentum, but another week of downtrend is still in play. Bitcoin could be gearing up for a recovery before the end of 2024, based on price fractal patterns used in crypto trading to identify key support and resistance levels and potential trend reversals based on historical data. Popular analyst Elja Boom noted that Bitcoin could recover above $100,000 in the short term.

However, Bitcoin’s correction may extend another week, based on historical data shared by crypto analyst Rekt Capital, who highlighted that in 2017 and 2021, similar corrective patterns were observed. Bitcoin is currently in Week 7 and transitioning into Week 8.

Despite the current downtrend, Bitcoin’s price trajectory shows optimistic signs for 2025. Improving macroeconomic conditions and easing global monetary policy could push Bitcoin’s price above $160,000 before the end of next year, according to crypto services provider Matrixport.