Bitcoin Hits Record High of $93,490: Social Media Hype Signals Possible Correction

The post Bitcoin Hits Record High of $93,490: Social Media Hype Signals Possible Correction appeared first on Coinpedia Fintech News

The largest cryptocurrency by market cap Bitcoin has surged past $93,000 fueled by US President-elect Donald Trump’s pledge to ease crypto regulations. Meanwhile, this has sparked excitement on social media setting sights on an ambitious $100K target. However, Santiment, an on-chain analytics platform, warns that this hype might lead to a short-term pullback for BTC

Santiment, a leading market intelligence platform, observed that as Bitcoin hit a record high, social media quickly became flooded with “$100K+ BTC” price predictions, just hours after Bitcoin reached its peak raising an interesting caution for traders.

According to Santiment’s analysis, social media activity often acts as a barometer for Bitcoin’s price movement. Historically, when social media activity surges with optimistic price predictions, it signals that retail investors are jumping in.