Social Media Now Talking Sub-$60,000 Bitcoin Prices As Fear Rises

Recent social media activity indicates rising fear among retail Bitcoin traders regarding potential price drops. On-chain analytics firm Santiment analyzed social media sentiment using "Social Volume," tracking mentions of specific price targets. They compared the volume of bullish calls (above $90,000) with bearish ones (below $60,000). Initially, bullish sentiment peaked as Bitcoin tested higher prices, but the price then declined. Following this drop, bearish calls for sub-$60,000 prices dramatically increased on social media platforms. Historically, Bitcoin's price has often moved counter to the prevailing sentiment of the majority. Santiment suggests this current bearish sentiment could signal a short-term price increase, as the market often does the opposite of the crowd. The analysis highlights the prevailing fear of a price crash below $60,000. Simultaneously, Bitcoin's price has fallen further, recently reaching around $73,600. Data also revealed an increase in Bitcoin being deposited onto centralized exchanges since January 19th.