A significant surge in social media posts is predicting that Bitcoin's price will exceed $90,000, potentially flipping its year-to-date return to positive. However, this widespread bullish sentiment may be a cause for concern, according to analytics firm Santiment. By analyzing thousands of social media posts across various platforms, Santiment found that the majority of predictions are leaning towards a price above $90,000, with mentions of lower price ranges being dismissed as fear, uncertainty, and doubt. The crowd's expectations of a continued recovery from the February low of around $60,000 may be overly optimistic, and Santiment warns that this bullishness could be a contrarian indicator for a potential bearish performance.
As the firm notes, 'price predictions of a coin are a great way to see what the OPPOSITE likely path for prices will look like.' This sentiment is echoed by the likes of American poet Charles Bukowski, who said, 'Wherever the crowd goes, run in the other direction. They're always wrong.' The current stall in Bitcoin's recovery rally, with prices pulling back to $77,000 from highs above $79,000, may be a sign of a broader reversal, but only time will tell.