Santiment warned of a possible short-term Bitcoin pullback as bullish crypto sentiment surged across social media.
Bitcoin News
Crypto analytics platform Santiment has flagged a potential short-term reversal risk in the current market rally, pointing to a sharp rise in bullish social media commentary as a possible sign of exhaustion. The ratio of bullish to bearish crypto-related posts across tracked platforms now stands at approximately 1.5:1, based on Santiment's monitoring of active crypto accounts.
Santiment published the findings in a report on May 10, writing, "Rallies that arrive with a confident crowd tend to fade faster than those climbing a wall of worry.” It added that uptrends accompanied by widespread skepticism tend to last longer than those driven by high-confidence positioning. #Bitcoin
BTC Supply on Exchanges Rises
Bitcoin (BTC) gained 11.50% over the 30 days ending May 10, trading at $80,628 at the time of publication, according to CoinMarketCap. The Crypto Fear and Greed Index registered a Neutral reading of 47 on May 10, after falling to a Fear reading of 38 on May 9, indicating that broader investor caution has not fully cleared despite the recent price recovery.
Santiment described a pullback toward $75,000 as the more constructive near-term scenario for BTC. A move to that level would clear out recently opened long positions, reset sentiment, and build a more stable base for the next advance, the platform said. On-chain data adds a further note of caution. Santiment reported that BTC supply held on exchanges increased over the five days ending May 10, reversing a prolonged decline. "The reversal could indicate early profit-taking," the platform said.
Analysts' views on the near-term price direction are split. MN Trading Capital founder Michaël van de Poppe said he "wouldn't be surprised that we retest lower at $70-75K before we continue to run." Crypto analyst Matthew Hyland offered a more optimistic view, saying BTC is "likely" to reach between $87,000 and $95,000 before June 2026.
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