Bitcoin’s recovery after its recent decline has increased bullish expectations among investors.$BTC
According to data shared by Santiment, Bitcoin reached $99,800 with its strong performance before the New Year. This move caused the $110,000 level to come back into focus and increased speculation among investors about this target.
According to Santiment, the most discussed topic on social media regarding Bitcoin is the $110,000 target. Looking at the data on the charts, it can be seen that such speculations have also peaked in Bitcoin's past movements, but the price has generally followed a course contrary to the community's expectations.
Bitcoin may correct
On December 15, when the $110,000 target was being discussed, Bitcoin rose to $106,000, but then retreated to $108,300. Similarly, when the Bitcoin price fell to $104,000 on December 18, expectations for $110,000 increased again. Currently, investors are optimistic that this target will be achieved soon.
Based on historical data, Santiment notes that Bitcoin tends to correct before reaching expected levels during periods of intense social speculation. However, current market performance suggests that Bitcoin could be targeting the psychological level of $110,000.