Amid ongoing price fluctuations around the $85,000 threshold, social media sentiment regarding Bitcoin has notably shifted towards optimism, as revealed by analytics firm Santiment.
Recent data from Santiment indicates an increasing level of trader confidence, even as overarching market indicators present a more inconsistent picture.
In a post published on X on April 16, Santiment shared that its sentiment tracker, which analyzes the tone of social media discussions pertaining to cryptocurrencies, has moved into bullish territory with a score of 1.973. This improvement represents a significant departure from a period of neutrality, where scores remained below 1.606 due to price ambiguities.
According to Santiment, “Traders are demonstrating optimism that Bitcoin may reclaim the $90,000 mark, largely contingent on updates regarding tariffs and global economic conditions as the week unfolds.”
Bitcoin Retreats to $84K After Reaching $86K
On April 15, Bitcoin briefly ascended to $86,000 before retracting to approximately $83,000 the following day. Currently, it is trading around $84,390, based on data from CoinMarketCap.
Market analysts suggest that a decisive rebound above $85,000 could provoke substantial liquidations, placing approximately $254 million in short positions at risk, according to CoinGlass.
This shift in sentiment is reinforced by several prominent voices in the cryptocurrency space on X.
Jan3, a firm co-founded by Bitcoin proponent Samson Mow, has announced that a target of $500,000 for Bitcoin is “not crazy.”
We’re not in the old bull runs anymore.
Now there are ETFs, nation-states, strategic reserves, and presidents talking about #Bitcoin.
$500K BTC isn’t crazy. @Excellion calls it the Veblen threshold, when the price goes up causing demand to go up even more. pic.twitter.com/9AUKCsJ60i
— JAN3 (@JAN3com) April 16, 2025
Similarly, trader Ted voiced his enthusiasm, highlighting the global expansion of the money supply as a likely favorable factor for Bitcoin’s performance. “Just wait and watch,” he commented.
Meanwhile, Titan of Crypto referenced Dow Theory, suggesting that Bitcoin continues to trend upward, consistently establishing higher highs and lows.
#Bitcoin Still in an Uptrend
According to Dow Theory, #BTC remains in an uptrend, consistently printing higher highs and higher lows.
The structure is intact. pic.twitter.com/yBcHTPIKP9
— Titan of Crypto (@Washigorira) April 16, 2025
Contrarily, the Crypto Fear & Greed Index presents a different view, currently indicating “Fear” with a score of 30 out of 100.
This disparity in sentiment comes as the broader cryptocurrency market grapples with difficulties in regaining its footing following a challenging first quarter.
During the first quarter of 2025, Bitcoin and Ethereum experienced declines of 11.82% and 45.41%, respectively, in stark contrast to the typically robust performance seen in prior Q1s.
Bitcoin Faces Potential Extended Consolidation Amid Hype: 10x Research
According to Markus Thielen, head of research at 10x Research, Bitcoin may be on the verge of an extended period of consolidation.
In a recent market analysis, Thielen cautioned that short-term technical indicators suggest a more tempered outlook, although several analysts remain hopeful for new all-time highs by mid-year.
Thielen referenced the Bitcoin stochastic oscillator, a momentum measuring tool, noting that current trends appear more indicative of a late-cycle peak rather than the onset of a fresh bull market.
While Thielen advocates for a cautious approach, other analysts hold a more bullish perspective.
Economists Timothy Peterson and Jamie Coutts, the chief crypto analyst at Real Vision, predict that Bitcoin is poised to reach new heights in Q2.
Bitcoin is trading near the low end of its historical seasonal range. Nearly all of Bitcoin’s annual performance occurs in 2 months: April and October. It is entirely possible Bitcoin could reach a new all-time high before June. pic.twitter.com/p8upTNAkKH
— Timothy Peterson (@nsquaredvalue) March 15, 2025
In the past week, CIO of Bitwise, Matt Hougan, reiterated his forecast from December stating that Bitcoin could attain $200,000 by the end of 2025.
Hougan maintained that recent developments in U.S. trade policies, particularly those involving renewed tariff efforts under former President Donald Trump, could serve as favorable momentum for Bitcoin.
The post Bitcoin Sentiment Turns Bullish as Price Hovers Near $85K: Santiment appeared first on Finance Newso.
