Bitcoin Marches Toward $100,000 After Setting $97,000 All-Time High

Despite breaking another record, market sentiment remains surprisingly subdued. Analysts view this lack of euphoria as a positive sign for Bitcoin’s price trajectory, suggesting a more sustainable rally.

Muted Sentiment: A Bullish Indicator

Market intelligence firm Santiment noted that social media commentary about Bitcoin’s record-breaking move was “lukewarm at best.” On X, Santiment remarked that the lack of retail euphoria was an “encouraging sign,” as fear of missing out (FOMO) often triggers sharp corrections.

“Bitcoin’s 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,” Santiment wrote.

Source: X

Supporting this observation, data from Google Trends shows a drop in investor interest. While Bitcoin’s 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.

Source: Google Trends

Meanwhile, Coinbase has fallen to 44 on the Top iPhone App charts, a sign that retail has cooled.

Source: Apple

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, “Bitcoin is on track from prior cycle lows and now outperforming the 2015-2017 cycle.”

Source: X