Bitcoin’s enthusiasm is showing signs of diminishing, which market analysis platform Santiment views as a potentially positive indicator as market sentiment normalizes.

The number of forecasts predicting Bitcoin would escalate to prices like $150,000 and beyond has been dwindling, an observation noted by Santiment in its recent report.

“Calls for Bitcoin to hit $150k to $200k, and even $50k to $100k, are drying up,” Santiment reported on Friday. “This reduction in FOMO and ‘Lambo’ memes signifies that retail optimism is receding.”

Transition to Neutral Sentiment

Despite prominent Bitcoin advocates previously asserting that Bitcoin could soar to $250,000 within 2025, the actual price peaked at $126,100 in October. The digital coin has been trending downward since, marking a low near $60,000 on February 6 before rising back to about $67,847 according to CoinMarketCap.

According to Santiment, the mood surrounding Bitcoin has shifted from extreme pessimism to a neutral stance, suggesting that traders may find it more challenging to make decisions during this timeframe. They caution against active trading in these conditions, telling investors to either refrain from trading or approach sentiment metrics with skepticism.

While general crypto sentiment appears more cautious, other metrics, such as the Crypto Fear & Greed Index, which reached a score of 8, indicate investors are still in a state of Extreme Fear.

Further signs of concern manifest with declining Bitcoin network activity; Santiment warns that metrics like transaction volume and active addresses suggest decreased engagement, indicating a period of stagnation rather than immediate bearishness.

Related Article: Bitcoin Ignores US Supreme Court Ruling Amid Speculations for $150B Refund

For more in-depth analysis, check out our article on 6 Major Obstacles in Bitcoin’s Path to Quantum Security.