Bitcoin $90,000 Predictions Surge Across Social Media—Contrarian Signal?

Recent social media data indicates a surge in Bitcoin price predictions exceeding $90,000, signaling potential fear of missing out (FOMO). Analytics firm Santiment analyzed social media volume, tracking mentions of Bitcoin and price predictions. They categorized bearish predictions around sub-$60,000 and bullish predictions above $90,000. Early April saw increased social media pessimism expecting Bitcoin to fall below $60,000, which preceded a price rally instead. Bitcoin prices often move counter to the majority's expectations, as historical trends suggest. Presently, the volume of social media posts predicting a price exceeding $90,000 surpasses the volume of bearish predictions. This bullish sentiment persists despite Bitcoin's recent price correction, which may not be a positive indicator. Santiment suggests that the most likely price direction may be the opposite of the popular prediction. Positive sentiment is also highlighted with a spike in the Positive/Negative Sentiment ratio reaching 1.38. Solana is also showing even stronger bullish sentiment. Bitcoin currently trades around $76,700, after a recent retracement from its prior highs.