Bullish Sentiment Grows Among Bitcoin Traders Despite Price Volatility

Santiment reports a bullish shift in Bitcoin-related social media sentiment as traders anticipate BTC may exceed $90,000, contingent on tariff and economic news. As of April 16, the sentiment tracker scores 1.973. A potential drop in short positions worth $254 million is expected if Bitcoin surpasses $85,000. However, the Crypto Fear & Greed Index remains in “Fear” at 30, following substantial Q1 price declines for Bitcoin and Ether.

Recent analysis by crypto analytics platform Santiment indicates a shift to bullish sentiment in Bitcoin (BTC) discussions on social media, despite the cryptocurrency trading around $85,000. As of April 16, traders exhibit optimism that BTC could surpass $90,000, contingent upon developments in tariffs and the global economy, with its last trading above this level occurring on March 6.

Santiment’s social media sentiment tracker, which gauges user sentiment by analysing the tone of posts, scored 1.973, categorising it as bullish. Previously, it held a neutral score below 1.606, reflecting trader uncertainty as Bitcoin oscillated around the $85,000 mark. On April 15, Bitcoin peaked at $86,000 before falling to $83,000, currently reported at $84,390 by CoinMarketCap.

Following a potential recovery to $85,000, short positions totalling approximately $254 million could face liquidation risks, according to CoinGlass. Several notable crypto accounts have since voiced bullish outlooks. For instance, Samson Mow’s firm Jan3 mentioned a $500,000 Bitcoin price as plausible. Trader “Ted” noted the increase in global money supply, predicting future liquidity flows into Bitcoin.

Additionally, Titan of Crypto highlighted that Bitcoin remains in an upward trend according to Dow Theory, consistently achieving higher highs and lows. However, not all sentiment trackers align with this optimism; the Crypto Fear & Greed Index indicates a “Fear” level of 30 out of 100, reflecting a cautious market after the weakest first quarter performance in recent years. Over Q1 2025, Bitcoin and Ether (ETH) experienced declines of 11.82% and 45.41%, respectively, a period typically marked by strong performance for these assets.