The sentiment among cryptocurrency traders on social media is currently sharply divided, with one side predicting that Bitcoin will drop below $70,000, while the other expects a rebound to $130,000.
On Thursday, Bitcoin (BTC) fell below $87,000 for the first time since April; however, "social volume still shows a mix of optimistic sentiment for buying the dip and doomsday pessimism, with few in the middle," market intelligence platform Santiment stated in a post on platform X.
Data from Santiment's research platform Sanbase found that discussions on social media on Thursday were roughly split into two camps: one predicting Bitcoin will fall between $20,000 and $70,000, while the other is more bullish, forecasting a price between $100,000 and $130,000.
However, as Friday approached, discussions about Bitcoin's declining price increased.
Nic Puckrin, analyst and co-founder of the educational portal The Coin Bureau, stated in a research report sent to Cointelegraph that as the "bull-bear tug of war" unfolds, Bitcoin is being "pulled in different directions by conflicting news."
"On one hand, we see the likelihood of a Federal Open Market Committee (FOMC) rate cut in December rapidly diminishing—on the other hand, after Nvidia's better-than-expected earnings report, there is a sigh of relief that the AI bubble won't burst," he said.
"If this positive sentiment continues into the weekend, Bitcoin is likely to follow suit," Puckrin added, noting that if there is indeed an upward trend, "the next resistance level to watch is around $107,500."
Meanwhile, Rachael Lucas, an analyst at Australian cryptocurrency exchange BTC Markets, pointed out that Bitcoin is currently trading around $87,000, with technical indicators such as momentum, capital flow, and trading volume all showing a downward trend, which "reflects a sharp deterioration in market sentiment."
"This volatility is driven by macroeconomic pressures, a loss of market liquidity, risk-off sentiment, and cyclical dynamics that have historically shaped Bitcoin's price movements," she said.
The cryptocurrency fear and greed index, which measures overall market sentiment, returned a score of 14, placing it in the "extreme fear" zone. However, this is still slightly above Thursday's score of 11, which was the lowest level since February.
Lucas stated, "Extreme fear often signals opportunity, but timing is everything."
"In a technically pressured environment with heightened macro risks, traders and investors face a challenging landscape," she added.
Related: The SEC will hold a roundtable on privacy and financial surveillance in December.
Original article: “Traders Focus on Bitcoin (BTC) Bull-Bear ‘Tug of War’ to Plan Next Moves”
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