Bitcoin continues its steady climb toward the long-anticipated $100,000 milestone, hitting new all-time highs on consecutive days this week.
Despite breaking another record, market sentiment remains surprisingly subdued. Analysts view this lack of euphoria as a positive sign for Bitcoinâs price trajectory, suggesting a more sustainable rally.
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Muted Sentiment: A Bullish Indicator
Market intelligence firm Santiment noted that social media commentary about Bitcoinâs record-breaking move was âlukewarm at best.â On X, Santiment remarked that the lack of retail euphoria was an âencouraging sign,â as fear of missing out (FOMO) often triggers sharp corrections.
âBitcoinâs new all-time high now sits at $94,002, and the commentary across social media could be described as luke-warm at best. The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections. As long as there is retail trader disbelief, whales can continue pumping cryptocurrencies with little resistance,â Santiment wrote.
Supporting this observation, data from Google Trends shows a drop in investor interest. While Bitcoinâs rally to $93,480 on Nov. 13 sparked the highest search interest since 2021, interest has since declined sharply, falling from a peak score of 100 to 48 in just seven days.
A Path to $100,000
With Bitcoin hitting multiple all-time highs since the U.S. election, analysts are increasingly confident that the $100,000 mark is imminent. Alex Thorn, Head of Research at Galaxy wrote on X that, âBitcoin is on track from prior cycle lows and now outperforming the 2015-2017 cycle.â
