A significant majority of the retail crowd is predicting that the price of Bitcoin will exceed $90,000 in the near future, potentially turning the year-to-date return from negative to positive. However, it remains to be seen whether the market will follow this trend. Santiment, an analytics firm, analyzed thousands of social media posts and found that the majority of discussions are focused on the potential for Bitcoin's price to reach above $90,000, with mentions of lower price ranges being dismissed as fear, uncertainty, and doubt.
The crowd's expectations are likely driven by the slow recovery from the February low of around $60,000, as well as the recent inflows into exchange-traded funds and Bitcoin's resilience in the face of various global conflicts and DeFi hacks. While this bullishness may seem like a positive sign, Santiment warns that it could be a contrarian indicator, suggesting that the opposite outcome is more likely. This is in line with the views of contrarian traders, who often use sentiment gauges to inform their investment decisions.
The recent stall in Bitcoin's recovery rally, with prices pulling back to $77,000 from highs above $79,000, may be an indication that the crowd's expectations are not entirely accurate.