Recent trends in Bitcoin selling suggest that many sellers might expect a price drop, utilizing social media to influence market sentiment.

Bitcoin analyst PlanC shared insights on this dynamic during a recent podcast episode, stating:

“If you sold, you really want lower prices,” (Translation: If you’ve sold Bitcoin, you’re likely hoping for a price drop.)
He emphasized that those who recently sold their Bitcoins could become more prominent on social media, pushing the narrative of a declining Bitcoin price as a means to potentially benefit their previous sales.

“The whole point of you selling is to think that the bear market is coming,” he added.
This observation comes amid a wider decline in market sentiment, illustrated by the Crypto Fear & Greed Index’s recent score of “Extreme Fear” at 20.

Despite this, data from the sentiment analysis platform Santiment indicates that approximately 57.78% of social media sentiment surrounding Bitcoin remains positive.

PlanC further prognosticated that Bitcoin’s recent dip beneath the psychological threshold of $100,000 could mark a temporary low, suggesting:

“I think there is a good chance that was the major bottom.” (Translation: He believes there is a significant possibility that this is the lowest point for now.)
While Bitcoin has begun to recover, reaching $103,562, caution remains, and analysts predict potential volatility ahead.

Associated analysts, such as Mike McGlone from Bloomberg, have expressed bearish predictions regarding Bitcoin prices moving forward. Meanwhile, Cathie Wood of ARK Invest has revised her long-term Bitcoin price forecasts downward.