On-chain data is suggesting that market sentiment around Bitcoin ($BTC) has shifted toward optimism, with social media chatter pointing to expectations of a move toward $90,000 and above.
Data aggregated from platforms including X, Reddit, and Telegram shows that bullish price calls have outweighed more cautious forecasts over the past week, according to the latest on-chain insight shared by Santiment on April 29.
The data indicates that mentions of Bitcoin reaching $90,000–$99,000 have surged, signaling rising speculative enthusiasm, while discussions of the $50,000 to $59,000 range have faded, reflecting reduced fear in the market.
Periods dominated by lower price targets have historically aligned with market hesitation and accumulation.
In contrast, growing calls for higher prices tend to coincide with increased volatility and sell signals near local peaks, suggesting that experienced traders may be distributing into optimism.
Despite Bitcoin still trading below $90,000, bullish projections remain dominant, indicating that expectations may be outpacing reality.
Historically, such sentiment imbalances have often preceded short-term corrections, as excessive optimism leaves the market exposed to pullbacks.
Meanwhile, the drop in bearish mentions points to weaker downside hedging among retail investors, reinforcing a market increasingly driven by momentum rather than caution.
Bitcoin technicals turn bullish
At the same time, technicals are supporting a more cautious outlook. Specifically, insights shared by prominent cryptocurrency trading expert Ali Martinez in an X post on April 29 indicate that the leading digital asset is showing early signs of a possible trend reversal after breaking below a well-defined ascending trendline on the four-hour chart, a level that had supported price action for several sessions.
The outlook suggests $BTC had been forming higher lows along an upward-sloping support line, reinforcing a short-term bullish structure.
However, the recent breakdown beneath this trendline points to weakening momentum, with the price now hovering around the $76,500 region.
Technical analysts often view such breaches as an early warning of a broader shift in market direction. The move raises the likelihood of further downside or consolidation, especially if $BTC fails to reclaim the broken support as resistance.
Immediate levels to watch include the $75,000 zone as near-term support, while a recovery above $79,000 could invalidate the bearish signal and restore bullish sentiment.
At press time, Bitcoin was trading at $77,588, up nearly 2% over the past 24 hours, while on the weekly timeframe, $BTC remains down about 1%.