Social sentiment regarding Bitcoin has plunged to its lowest point in 2024, potentially indicating an imminent recovery above the $100,000 milestone for the leading cryptocurrency. At present, Bitcoin’s (BTC) price has dropped over 10% from its peak of approximately $108,300 achieved on December 17, standing at about $97,150 as of 12:38 pm UTC, according to Cointelegraph data.
The decline has resulted in a decrease in social media sentiment surrounding Bitcoin, with an average ratio of four to five positive to negative Bitcoin-related comments. However, this reduction in retail investor sentiment might foreshadow an upcoming Bitcoin surge, according to market intelligence platform Santiment in their December 22 blog post: “Vocal traders are now exhibiting extreme fear, and that’s good news for contrarian investors who understand that markets often move contrary to retail expectations.”
Other crypto analysts anticipate an end to Bitcoin’s slump below $100,000. On December 20, Bitcoin’s daily chart witnessed three successive red candlesticks for the first time since early November, which coincided with the precursor week to Donald Trump’s United States presidential election win.
Bitcoin may be preparing for a rebound before the conclusion of 2024 based on price fractal patterns utilized in crypto trading to pinpoint crucial support and resistance levels and possible trend reversals using historical information. According to popular analyst Elja Boom’s December 20 blog post, emerging fractals on the daily chart suggest Bitcoin could bounce back above $100,000 shortly: “We have seen this before.”
Nevertheless, Bitcoin’s correction could persist until the end of the current week, as per historical data shared by crypto expert Rekt Capital in his December 21 blog post: “In 2017, Week 7 as well as Weeks 8 and 9 were also corrective. In 2021, Week 6 and Week 8 were corrective. Bitcoin is currently in Week 7 and gradually transitioning into Week 8.”
Despite these developments, Bitcoin’s price trajectory offers promising indications for 2025. Enhanced macroeconomic circumstances and more lenient global monetary policies could propel Bitcoin beyond $160,000 before the end of next year, predicts crypto service provider Matrixport.
Source
Source: cointelegraph.com
