Social Sentiment for Bitcoin Hits Annual Low, Indicating Potential Breakout for BTC — News from TradingView

Current social perception of Bitcoin has reached a record low in 2024, hinting at a potential surge past the milestone of $100,000 for the leading cryptocurrency.

As of 12:38 pm UTC, according to Cointelegraph, the value of Bitcoin has declined over 10% from its historic peak of over $108,300 on Dec. 17, now hovering above $97,150. BTCUSD

This recent sell-off led to social media’s Bitcoin sentiment plunging to the year’s nadir, with a measly four to five optimistic comments out of every negative mention.

Meanwhile, the dip in sentiment from retail investors may actually forecast a looming Bitcoin bull run, stated analytics firm Santiment in a Dec. 22 X post:

“The prevailing FUD among vocal traders could be a pleasantry for contrarians, who understand markets typically trend in the inverse direction of retail sentiment.”

Crypto experts also foresee a reversal from Bitcoin’s current stance below $100,000. Notably, three successive red candles on Bitcoin’s daily chart emerged for the first time in months, reminiscent of the days preceding the US election victory of Donald Trump.

Patterns in Bitcoin’s pricing indicate a boost is on the horizon, despite a possible continuing downward trend in the upcoming week

Based on trending fractal patterns in the daily chart, prominent analyst Elja Boom hints at a Bitcoin resurgence above $100,000 in the near future in a Dec. 20 X post:

“History appears to be repeating itself here.”

Still, Bitcoin may maintain its corrective course for another week according to historical patterns shared by crypto strategist Rekt Capital, who notes in a Dec. 21 X post:

“Similar correction phases were also observed in 2017 during Week 7, as well as Weeks 8 and 9, and in 2021, during Week 6 and Week 8. Bitcoin is currently on Week 7, approaching Week 8.”

Nevertheless, prospects for Bitcoin in 2025 appear upbeat. With a more favorable macroeconomic outlook and a relaxation of global monetary policies, Bitcoin’s value could surpass $160,000 before the conclusion of the subsequent year, forecasts Matrixport, a cryptocurrency services company.

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