Bitcoin social sentiment hits yearly low signaling potential breakout
Bitcoin's (CRYPTO:BTC) social sentiment has dropped to its lowest level in 2024, indicating a possible breakout above $100,000.
Bitcoin’s price is down over 10% from its all-time high of $108,300 recorded on December 17, now trading above $97,150.
This 10% correction has caused Bitcoin’s social media sentiment to fall significantly, with a ratio of four to five positive to negative comments.
According to market intelligence platform Santiment, this decline in sentiment could signal a breakout for Bitcoin.
“Vocal traders are now showing severe FUD, and that’s good news for contrarians who know markets move in the opposite direction of retail's expectations,” Santiment noted in a December 22 post.
Analysts are also predicting an end to Bitcoin's current correction.
On December 20, Bitcoin's daily chart showed three consecutive red candles, which was last seen in November, just before the price rally associated with Donald Trump’s US election victory.
Bitcoin's price fractals also suggest upward momentum, with signs of recovery before 2024 ends.
Elja Boom, a popular analyst, mentioned in a December 20 post, "We have seen this before," referring to similar price patterns leading to a recovery above $100,000.
However, crypto analyst Rekt Capital suggested that Bitcoin’s correction could last another week.
“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 slowly transitioning into Week 8,” Rekt Capital wrote on December 21.
At the time of reporting, the Bitcoin (BTC) price was $95,503.30.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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