A growing number of bearish Bitcoin predictions may not stem from objective market analysis but from self-serving sellers hoping to influence sentiment, according to Bitcoin analyst PlanC.
Speaking on the Mr. M Podcast published on YouTube on Friday, PlanC argued that traders who recently sold their Bitcoin holdings are now vocal online, promoting the idea of a coming downturn to validate their sell decisions.
“If you sold, you really want lower prices,” PlanC explained. “The whole point of selling is to believe a bear market is coming. So you’re going to get on social media.”
Bitcoin Sentiment Still Positive Despite Fear
While the overall cryptocurrency market has recently dipped into “Extreme Fear,” Bitcoin’s community sentiment remains largely optimistic. Data from Santiment shows that 57.78% of Bitcoin-related social media sentiment is positive, compared to 15.80% neutral and 26.42% negative.
Meanwhile, the Crypto Fear & Greed Index recorded an “Extreme Fear” reading of 20 on Saturday, reflecting growing anxiety among investors despite Bitcoin’s rebound from local lows.
PlanC Sees a Possible Local Bottom Around $98,000
According to PlanC, Bitcoin’s recent dip below the $100,000 psychological level to $98,000 might represent a local bottom. He described a “decent chance” that this level marked the major turning point in the short term.
“It’s hard to quantify exact probabilities, but from my perspective, there is a decent chance that was the major bottom,” he said. “If it wasn’t, I don’t see us going much lower.”
As of now, Bitcoin has recovered to around $103,562. However, PlanC cautioned that another minor pullback could still occur, possibly toward $95,000 before further stabilization.
Analysts’ Bearish Outlook Adds to Market Uncertainty
PlanC’s observations come amid a wave of bearish forecasts from prominent analysts. Mike McGlone, a senior analyst at Bloomberg, suggested in an X post that Bitcoin’s surge past $100,000 could be “a speed bump toward $56,000.”
Additionally, Cathie Wood, CEO of ARK Invest, adjusted her long-term Bitcoin forecast, slashing her previous target by $300,000.
Despite these cautionary predictions, PlanC believes the market’s fundamentals remain intact, emphasizing that sentiment swings often exaggerate short-term risks.
“Maybe we go for one more scare over the coming week or so lower, maybe we go down to like 95 or something,” he added, suggesting that any further correction would likely be temporary.