en.bitcoinsistemi.com
The leading cryptocurrency, Bitcoin ($BTC), has been hovering above $75,000 in recent days, increasing expectations of further increases. At this point, there’s a strong trend on social media to predict Bitcoin will surpass $90,000. However, this may not be realistic.
While the cryptocurrency community is largely bullish, this is generally considered a counter-indicator, according to the crypto analytics platform Santiment.
Santiment, in a post from account X, states that the expectation of Bitcoin reaching $90,000 on social media is being contradicted by this signal.
According to Santiment, the widespread optimism on social media platforms that Bitcoin will soon rise to $90,000 should be considered a potential counter-indicator to the bullish expectation.
The firm noted that last week, among thousands of posts on cryptocurrency-related social media platforms like X, Reddit, and Telegram, predictions that $BTC would rise to $90,000 were overwhelmingly dominant.
At this point, Santiment concluded that the current social media optimism is a signal that caution and prudence are needed.
Santiment notes that prices often move in the opposite direction to market expectations. When too many investors expect the same outcome, markets can move in the opposite direction. The firm advises investors to remain cautious as long as retail investor optimism remains high.
*This is not investment advice.