Despite continued price volatility around the $85,000 mark, sentiment toward Bitcoin on social media has turned bullish, according to analytics platform Santiment. The firm’s latest data indicates growing optimism among traders, even as broader market indicators remain mixed. In an April 16 post on X , Santiment reported that its sentiment tracker — which gauges the tone of crypto-related social media posts — flipped into bullish territory with a score of 1.973. This marks a shift from recent neutrality, when scores had lingered below 1.606 amid price uncertainty. “Traders are showing optimism that BTC can regain $90K, which will likely be dependent on tariff and global economy news as the week progresses,” Santiment noted. Bitcoin Pulls Back to $84K After Briefly Hitting $86K Bitcoin briefly touched $86,000 on April 15 before pulling back to $83,000 the next day. As of writing, it’s trading near $84,390, per data from CoinMarketCap. Market watchers say that if Bitcoin decisively climbs back above $85,000, it could trigger significant liquidations — with roughly $254 million in short positions at risk, according to CoinGlass. The shift in sentiment has been echoed by high-profile crypto voices on X. Jan3, the company founded by Bitcoin advocate Samson Mow, claimed that a $500,000 Bitcoin target 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 Trader Ted also expressed optimism, pointing to the global expansion in money supply as a potential tailwind for Bitcoin. “Just wait and watch,” he said. Meanwhile, Titan of Crypto suggested that, per Dow Theory, Bitcoin remains in a broader uptrend, consistently forming higher highs and higher 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 However, not all sentiment indicators agree. The Crypto Fear & Greed Index — which compiles market data and social signals — currently reads “Fear,” with a score of 30 out of 100. The mixed signals come as the broader crypto market struggles to regain momentum following a weak first quarter. Bitcoin and Ethereum posted losses of 11.82% and 45.41%, respectively, during Q1 2025 — a stark contrast to the historically strong performance seen in previous first quarters. Bitcoin Could Face Extended Consolidation Despite Bullish Hype: 10x Research As reported, 10x Research’s head of research Markus Thielen has argued that Bitcoin may be entering a period of extended consolidation . In a recent market note, Thielen warned that short-term technical signals are painting a more cautious picture, even as many analysts forecast new all-time highs by mid-year. Thielen pointed to the Bitcoin stochastic oscillator, a technical indicator that measures momentum, suggesting the market is displaying traits more consistent with a late-cycle top than the beginning of a new bull run. While Thielen urges caution, other analysts maintain a more bullish stance. Economists Timothy Peterson and Jamie Coutts, Real Vision’s chief crypto analyst, expect Bitcoin to hit new highs 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 Last week, Bitwise Chief Investment Officer Matt Hougan reiterated his December prediction that Bitcoin could hit $200,000 before the close of 2025. Hougan argued that recent developments in U.S. trade policy, particularly under former President Donald Trump’s renewed tariff push, could act as tailwinds for Bitcoin. The post Bitcoin Sentiment Turns Bullish as Price Hovers Near $85K: Santiment appeared first on Cryptonews .
