Social sentiment about Bitcoin bottomed out this year, signaling a price breakout is imminent

Social sentiment around Bitcoin has hit a 2024 low, which is believed to signal a potential recovery. Bitcoin price is currently 12% below its all-time high, trading around $95,443. The rate of negative comments on social networks related to Bitcoin is much lower than positive comments, indicating that retail investor sentiment is quite pessimistic. However, some analysts see this negative sentiment as a positive signal, predicting Bitcoin price will soon surpass the $100,000 threshold. Historical price fractal patterns also support this prediction, suggesting near-term recovery.

However, some analysts see this negative sentiment as a positive signal, predicting Bitcoin price will soon surpass the $100,000 threshold. Historical price fractal patterns also support this prediction, suggesting near-term recovery. However, there are also predictions that the price correction could last another week. The forecast is more optimistic in the long term, with the potential for Bitcoin price to exceed $160,000 by the end of 2025, based on improvements in macroeconomic conditions.