Some traders predicting an upcoming Bitcoin correction may be motivated more by self-interest than objective market analysis, according to a Bitcoin analyst.
“If you sold, you really want lower prices,” Bitcoin analyst PlanC said during an appearance on the Mr. M Podcast published on YouTube on Friday. He explained that traders who have recently sold Bitcoin often become more vocal on social media, pushing narratives of a potential price drop in hopes of influencing the market to their advantage.
“The whole point of you selling is because you believe a bear market is coming,” he said. “So you’re going to get on social media,” he added.
Despite these bearish takes, overall sentiment toward Bitcoin on social media remains largely positive. Many investors still use online platforms to gauge community mood and track price predictions.
However, broader crypto market sentiment has weakened, with the Crypto Fear & Greed Index showing an “Extreme Fear” reading of 20 in its Saturday update — signaling growing anxiety among market participants.
Data from sentiment platform Santiment indicates that overall social media sentiment toward Bitcoin remains largely optimistic, with 57.78% positive, 15.80% neutral, and 26.42% negative mentions.
According to PlanC, Bitcoin’s recent drop below the key psychological level of $100,000, reaching $98,000, may represent a local bottom.
PlanC said there’s a “decent chance” Bitcoin has already found its floor.
“I think there is a good chance — though it’s hard to assign exact probabilities — that this was the major bottom,” he explained.
“If it wasn’t [the bottom], I don’t see us going much lower,” PlanC added. Bitcoin has since rebounded to $103,562, according to CoinMarketCap, though he cautioned that a brief pullback could still be ahead.
“Maybe we get one more scare in the coming week,” he said. “Maybe we dip to around $95,000 or so.”
His comments follow a wave of bearish forecasts from other analysts over the past week.
Bloomberg’s Mike McGlone suggested in an X post on Thursday that Bitcoin reaching $100,000 could actually be “a speed bump toward $56,000.”
Meanwhile, ARK Invest CEO Cathie Wood trimmed her long-term Bitcoin price target by $300,000, signaling a more cautious outlook for the leading cryptocurrency.
