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Saturday Nov 8 2025 02:40
2 min
According to Bitcoin analyst PlanC, some traders warning of an imminent Bitcoin price correction might be driven more by self-interest than an unbiased market view. PlanC noted on the Mr. M Podcast that those who recently sold Bitcoin (BTC) may become more vocal on social media, promoting the idea of a Bitcoin price decline in hopes of seeing the market move in their favor.
“The whole point of you selling is to think that the bear market is coming,” he said. “So you’re going to get on social media.”
Many market participants turn to social media to gauge overall sentiment about Bitcoin, paying close attention to community interactions and prediction posts.
While sentiment in the broader crypto market has plunged, with the Crypto Fear & Greed Index posting an “Extreme Fear” reading of 20 in its Saturday update, data from sentiment platform Santiment shows that overall social media sentiment for Bitcoin is 57.78% positive, 15.80% neutral, and 26.42% negative.
PlanC believes Bitcoin's recent price decline below the psychological $100,000 level, hitting $98,000, may represent the local bottom for now.
PlanC forecasts a “decent chance” that Bitcoin has just reached a bottom. “I think there is a good chance, again, it is hard to quantify exact probabilities, but from my perspective, there is a decent chance that was the major bottom,” PlanC stated.
“If it wasn’t, I don’t see us going down much lower,” he added.
It's worth noting that Bitcoin has since rebounded to $103,562, according to CoinMarketCap, but PlanC cautioned that another brief pullback could still occur.
“Maybe we go for one more scare over the coming week or so, maybe we go down to like 95 or something, right?” he explained.
This comes on the heels of more bearish forecasts from analysts over the past week. Bloomberg analyst Mike McGlone said in an X post on Thursday that Bitcoin hitting $100,000 could be “a speed bump toward $56,000.”
Meanwhile, ARK Invest CEO Cathie Wood cut her long-term Bitcoin price projection by $300,000.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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