At the beginning of the month, the cryptocurrency market experienced turbulent times due to trade tariffs and the decline in the S&P 500. However, over time, the mood among traders began to change.
Early Month: Pessimism and Expectations
From April 6 to April 18, traders began to leave the market, fearing a significant downturn. Social media discussions surged with bearish price predictions ranging from $10,000 to $69,000.
The Surge of Bullish Sentiment
With Bitcoin recovering and the market settling, social sentiment has shifted back to the positive. Price targets between $100,000 and $159,000 have emerged, indicating a renewed wave of optimism among traders.
Social Metrics and Their Importance to Traders
Data from Santiment shows that Bitcoin discussions remain stable at 25% of all crypto chatter, and the ratio of positive to negative sentiment is rising sharply, potentially signaling a readiness for a new Bitcoin rally.
The cryptocurrency market situation continues to evolve, with traders once again showing heightened interest in price growth. However, seasoned traders should remain cautious and watch for signals of excessive optimism.
