Crypto trader sentiment on social media is currently split down the middle, with one side predicting Bitcoin will fall below $70,000 and the other expecting it to rise to $130,000.
Bitcoin (BTC) fell below $87,000 on Thursday for the first time since April; however, “Social volume continues to show a mix of dip shopping optimism and doom and gloom, with very little in between,” market intelligence platform Santiment said in a post on X.
Data from Santiment’s research platform, Sanbase, showed that Thursday’s social media mentions were roughly evenly split between predictions of Bitcoin falling to between $20,000 and $70,000 and more bullish gains of $100,000 to $130,000.
However, before Friday, there was more discussion about lower Bitcoin prices.
“Ideally, we will start to see a lot of retail forecasts for prices below $70,000, which would indicate that we have finally hit the bottom. Prices are moving in the opposite direction to how markets typically predict.”
A tug of war between crypto bulls and bears
Nic Puckrin, analyst and co-founder of education website The Coin Bureau, said in a research note sent to Cointelegraph that Bitcoin is being “pulled in different directions by conflicting messages” as a “tug of war with the bull” develops.
“On the one hand, the chances of the FOMC cutting interest rates in December are rapidly decreasing, but on the other hand, it is a sign of relief that the artificial intelligence bubble is not in danger of imploding after Nvidia’s results exceeded forecasts,” he said.
“If this positive sentiment continues into the weekend, Bitcoin will likely follow suit,” Puckrin said, adding that in case the trend continues upwards, the “next resistance level to watch” would be around $107,500.
Extreme fear creates opportunity, but time is of the essence
Meanwhile, Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, noted that Bitcoin is trading around $87,000 and technical indicators such as momentum, money flow and volume are trending downward, which “reflects the sharp deterioration in sentiment.”
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“The volatility is due to a combination of macroeconomic pressures, liquidity outflows from the market, risk-off sentiment and cyclical dynamics that have historically shaped Bitcoin price action,” she said.
The Crypto Fear & Greed Index, which measures overall market sentiment, returned a rating of 14, putting it in “extreme fear” territory, but is still slightly higher than Thursday’s score of 11, the lowest since February.
Lucas said, “Extreme fear often precedes opportunity, but time is of the essence.”
“Amid technical pressures and heightened macro risks, traders and traders face a challenging environment,” she added.
“Whether this marks the beginning of a deeper correction or sets the stage for a rebound will depend on liquidity conditions, regulatory developments and institutional flows in the coming weeks.”
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