Traders and enthusiasts are once again leaning bullish on Bitcoin, despite the world’s largest cryptocurrency seesawing around the $85,000 mark. According to on-chain analytics firm Santiment, social media chatter has flipped from neutral to decisively optimistic, with a sentiment score of 1.973 recorded on April 16. This change in tone is notable, considering that just days earlier, the sentiment hovered below 1.606 — a zone interpreted as neutral. BTC price action has been volatile of late, swinging from $86,000 on April 15 to as low as $83,000 the next day. At the time of writing, BTC is trading at approximately $84,390, per CoinMarketCap data. Surging Bullish Sentiment on Bitcoin Santiment attributes the surge in bullish sentiment to growing trader confidence in Bitcoin’s ability to reclaim the $90,000 level , last seen on March 6. “Optimism is rising, though this next leg up may hinge on macroeconomic triggers like tariffs and global economic shifts,” Santiment wrote on X. If Bitcoin can decisively move back above $85K, it may set off a cascade of liquidations—an estimated $254 million in short positions could be wiped out, according to data from CoinGlass. This possibility alone could provide the kindling for a rapid upward move, especially in a market prone to exaggerated swings. Analysts Optimistic Notably, several influential voices on X have joined the chorus of optimism. Jan3, led by long-time Bitcoin advocate Samson Mow, reaffirmed its $500,000 BTC prediction, saying the figure is no longer far-fetched. Trader “Ted” pointed to a rising global money supply as a catalyst for inevitable Bitcoin inflows, while Titan of Crypto cited the Dow Theory to emphasize that BTC remains in a technical uptrend, making higher highs and higher lows. However, not all indicators are flashing green. The Crypto Fear & Greed Index currently sits at a modest 30, still in “Fear” territory. This disparity between on-chain sentiment and broader market psychology hints at an uneasy optimism—hopeful, but cautious. The recent gains also arrive on the heels of a disappointing first quarter for the crypto . Both BTC and ETH posted sharp losses, with Ether falling over 45% and Bitcoin shedding nearly 12%—uncharacteristically poor performances for what has historically been a strong quarter. The post Bitcoin Sentiment Turns Bullish Despite Price Jitters Around $85K appeared first on TheCoinrise.com .
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