There's a social media groundswell predicting bitcoin above $90,000. That might be a problem.
Social media sentiment is overwhelmingly bullish on Bitcoin reaching $90,000, which analytics firm Santiment suggests could be a contrarian indicator.Summary
A significant social media groundswell is predicting that Bitcoin's price will surpass $90,000, a sentiment that analytics firm Santiment views with caution. Santiment's analysis of thousands of crypto social media posts indicates that calls for prices above $90,000 are prevalent, while lower price ranges are dismissed as FUD (fear, uncertainty, doubt). This strong bullish sentiment, despite recent positive factors like ETF inflows and resilience to geopolitical events, is seen by Santiment as a potential contrarian signal, suggesting that the opposite market outcome might occur, echoing the advice of Charles Bukowski to "run in the other direction" from the crowd. This sentiment-based caution is similar to traditional market indicators like the AAII Investor Sentiment Survey and the CNN Fear & Greed Index. Notably, Bitcoin's recent rally has already shown signs of stalling, with prices pulling back, raising questions about whether this is a temporary pause or the beginning of a broader reversal.
(Source：CoinDesk)