30s Summary

Bitcoin has hit a low in social sentiment despite a current price of over $97,150, which is only a 10% drop from its all-time high. However, market intelligence platform Santiment suggests that such low sentiment usually precedes a market rebound. Further, crypto analysts, including Elja Boom and Rekt Capital, believe Bitcoin may recover based on patterns similar to those seen in 2017 and 2021. With improved global economic conditions and relaxed monetary policies, Bitcoin could exceed $160,000 by 2026, according to Matrixport.

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Hey, did you hear the buzz about Bitcoin hitting rock bottom in its social sentiment this year? Well, don’t despair. The world’s biggest cryptocurrency could be on its way to bust through the $100,000 ceiling soon.

Right now, Bitcoin is going for a little above $97,150, that’s over a 10% drop from its dazzling all-time high of $108,300 recorded on Dec. 17. But, this isn’t all doom and gloom.

With this significant price adjustment, people have been pretty downbeat on Bitcoin on social media. The vibe has reached its lowest point in 2024, and most Bitcoin-related chit-chats swing more towards the negative.

Believe it or not, this could actually be a silver lining. Santiment, a market intelligence platform, shared on a Dec. 22nd post that when traders are pulling their hair out with worry, it’s often a precursor to a market rebound – especially if you’re the type to swim against the current.

This prediction is also echoed by other crypto gurus who predict Bitcoin’s slide under $100,000 is about to stop. Bitcoin’s daily chart showed three straight days of losses for the first time since early November, and that was just before Donald Trump won the US election, a time that also heralded a positive shift for Bitcoin.

Bitcoin’s price pattern seems to suggest a comeback before the close of 2024. Based on recurring patterns on the daily chart, a popular analyst, Elja Boom, hinted in a Dec. 20th post that Bitcoin might jump back above $100,000 soon.

But hold your horses! There’s also a chance the price readjustment might last another week. According to crypto analyst Rekt Capital, similar patterns were seen in 2017, and in 2021, even Week 6 and Week 8 saw the same trend. So, it’s possible that we’re in for the same ride this time around.

Regardless, things are looking up for Bitcoin. With improving global economic conditions and relaxed monetary policies around the world, Bitcoin’s price could skyrocket above $160,000 before we ring in 2026, suggests Matrixport, a digital asset financial service platform.

So chill out, and let’s see where the wind blows!