The general public has made its prediction: bitcoin's current price of $79,707.35 will rise above $90,000 in the near future, potentially turning this year's losses into gains. However, it remains to be seen whether the market will follow this trend.
Analytics firm Santiment analyzed thousands of social media posts across various platforms, including X, Reddit, and Telegram, and found that the majority of comments over the past week have been in favor of bitcoin's price surpassing $90,000. Meanwhile, mentions of a price range between $50,000 and $59,000 are being dismissed as fear, uncertainty, and doubt. The crowd is expecting the slow recovery from February's low of around $60,000 to continue into May, and this optimism is likely driven by the recent inflows into exchange-traded funds and bitcoin's resilience in the face of various global conflicts and DeFi hacks. According to Santiment, this widespread bullish sentiment is actually a reason to be cautious, as overly optimistic social media predictions can often be a contrarian indicator of a potential bearish performance.
This phenomenon is reminiscent of the words of American poet Charles Bukowski, who said, 'Wherever the crowd goes, run in the other direction. They're always wrong.' Interestingly, bitcoin's recovery rally has already shown signs of stalling, with prices pulling back to $77,000 from highs above $79,000 on Monday. It remains to be seen whether this is just a temporary pause or the start of a broader reversal.