Social media data shows trader calls for $90,000+ Bitcoin prices have registered a spike recently, a potential sign of FOMO brewing in the market.<\/p>\n
In a new post<\/a> on X, analytics firm Santiment has talked about where the social media crowd is expecting Bitcoin to go next. The indicator of relevance here is the \u201cSocial Volume<\/a>,\u201d which measures the total number of posts\/messages\/threads containing unique mentions of a given term or topic that currently exist on the major social media platforms.<\/p>\n As an initial filter, Santiment separated the social volume for Bitcoin-associated terms. Then, it further filtered it for terms related to price predictions. For bearish calls, the analytics firm has chosen the sub $50,000 to $59,000 price range, while for the bullish ones, it has selected the $90,000 to $99,000 range.<\/p>\n Below is the chart shared by Santiment that shows how the Social Volumes related to the two types of calls have changed over the past month.<\/p>\n As is visible in the graph, the Bitcoin Social Volume related to the sub-$60,000 prices shot up back at the start of April. This means that social media users were expecting a bearish outcome for the cryptocurrency.<\/p>\n What followed this market pessimism was a recovery rally that took BTC to a peak above $79,000, instead of the outcome that the crowd was expecting. This is a pattern that has actually been observed time and again; digital asset markets tend to move against the expectations of the majority.<\/p>\n From the chart, it\u2019s visible that social media sentiment around Bitcoin has flipped recently, with the calls related to the $90,000+ levels overtaking the Social Volume of the sub-$60,000 levels. This optimism has interestingly maintained despite the pullback<\/a> that BTC has seen since its high.<\/p>\n Considering the past pattern, the high Social Volume of the $90,000+ terms may be not be a positive sign for the cryptocurrency. \u201cPrice predictions of a coin are a great way to see what the OPPOSITE likely path for prices will look like,\u201d noted the analytics firm.<\/p>\n