Social sentiment around Bitcoin has reached its lowest point in 2024, indicating a potential recovery above the $100,000 mark for the world’s largest cryptocurrency.
According to data from Cointelegraph, Bitcoin’s price is currently down over 10% from its all-time high of over $108,300 on December 17. It is currently trading above $97,150 as of 12:38 pm UTC.
After this 10% correction, social media sentiment around Bitcoin dropped to its lowest level of the year, with an average ratio of four to five positive comments compared to negative comments about Bitcoin.
However, this decline in retail investor sentiment could be a positive sign for a Bitcoin breakout. Market intelligence platform Santiment stated in a December 22 post that “vocal traders are now showing severe FUD (fear, uncertainty, and doubt), and that’s good news for contrarians who know markets move in the opposite direction of retail’s expectations.”
Other crypto analysts are also expecting the correction in Bitcoin’s price to end and for it to surpass the $100,000 mark. On December 20, Bitcoin’s daily chart showed three consecutive red candles for the first time since the first week of November, which coincided with Donald Trump’s US election victory.
Based on price fractal patterns used in crypto trading, Bitcoin could potentially recover above $100,000 before the end of 2024, according to popular analyst Elja Boom in a December 20 post.
However, historical data shared by crypto analyst Rekt Capital suggests that Bitcoin’s correction may extend for another week. In a December 21 post, Rekt Capital stated that in 2017, Week 7 as well as Weeks 8 and 9 were also corrective, and in 2021, Week 6 and Week 8 were corrective. Bitcoin is currently in Week 7 and slowly transitioning into Week 8.
Despite the short-term correction, Bitcoin’s price trajectory shows optimistic signs for 2025. Crypto services provider Matrixport predicts that improving macroeconomic conditions and easing global monetary policy could drive Bitcoin’s price above $160,000 by the end of next year.