Social media data shows trader calls for $90,000+ Bitcoin prices have registered a spike recently, a potential sign of FOMO brewing in the market.
Bitcoin Has Seen An Uptick In Greedy Social Media Calls
In a new post on X, analytics firm Santiment has talked about where the social media crowd is expecting Bitcoin to go next. The indicator of relevance here is the “Social Volume,” which measures the total number of posts/messages/threads containing unique mentions of a given term or topic that currently exist on the major social media platforms.
As an initial filter, Santiment separated the social volume for Bitcoin-associated terms. Then, it further filtered it for terms related to price predictions. For bearish calls, the analytics firm has chosen the sub $50,000 to $59,000 price range, while for the bullish ones, it has selected the $90,000 to $99,000 range.
Below is the chart shared by Santiment that shows how the Social Volumes related to the two types of calls have changed over the past month.
As is visible in the graph, the Bitcoin Social Volume related to the sub-$60,000 prices shot up back at the start of April. This means that social media users were expecting a bearish outcome for the cryptocurrency.
What followed this market pessimism was a recovery rally that took BTC to a peak above $79,000, instead of the outcome that the crowd was expecting. This is a pattern that has actually been observed time and again; digital asset markets tend to move against the expectations of the majority.
From the chart, it’s visible that social media sentiment around Bitcoin has flipped recently, with the calls related to the $90,000+ levels overtaking the Social Volume of the sub-$60,000 levels. This optimism has interestingly maintained despite the pullback that BTC has seen since its high.
Considering the past pattern, the high Social Volume of the $90,000+ terms may be not be a positive sign for the cryptocurrency. “Price predictions of a coin are a great way to see what the OPPOSITE likely path for prices will look like,” noted the analytics firm.
The current social media optimism around Bitcoin is also visible from the perspective of another indicator known as the Positive/Negative Sentiment. As the below chart shows, this metric has spiked to a value of 1.38, which implies that there are 1.38 bullish comments related to BTC for every bearish post.
Solana is observing bullish sentiment of an even higher intensity, with positive comments outpacing negative ones by nearly 3:1.
BTC Price
Bitcoin has returned to the $76,700 mark following its retrace.
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