A significant majority of retail investors are predicting that bitcoin's price will exceed $90,000 in the near future, which could potentially turn the year-to-date return from negative to positive. However, it remains uncertain whether the market will follow this trend. Analytics firm Santiment analyzed thousands of social media posts across various platforms and 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 are likely influenced by the recent recovery from the February low of around $60,000, as well as the resilience of bitcoin in the face of various global events. Nevertheless, Santiment warns that such bullish sentiment can often be a contrarian indicator, signaling a potential downturn.
This is supported by the fact that the price recovery has already stalled, with prices pulling back to $77,000 from highs above $79,000 on Monday. Whether this is a temporary pause or the start of a broader reversal remains to be seen.