Bitcoin Sentiment: Weak Retail, Strong Hands
On-chain data shows BTC holders are panic-selling far less on each dip, while Google search interest hits 5-year lows near $81K — a setup that historically preceded local price bottoms. Analysts are split on near-term direction, with one target flagged at $78,300.
What we know
Glassnode data shared by an account on X shows loss-taking on dips has shrunk dramatically from August (~$63K, heavy selling) through September (~$76K) to October (~$80K, barely registering). Simultaneously, CoinBureau via another account on X reports Bitcoin Google searches at a 5-year low — a historically bullish contrarian signal, with similar troughs in Sep 2023 and Sep 2024 marking local bottoms. Robinhood crypto revenue is down 55% YoY, underscoring retail disengagement. Another account on X is walking through a purely price-based BTC framework. A dissenting near-term bear case comes from another account on X, who expects a pullback to the $78,300 area citing FOMC inflation-print patterns. Another account on X also shared his BTC/alts thoughts (image linked).
How the story developed
On-chain data shows BTC holders are panic-selling far less on each dip, while Google search interest hits 5-year lows near $81K — a setup that historically preceded local price bottoms. Analysts are split on near-term direction, with one target flagged at $78,300.
US markets face a triple-header today: FOMC decision, Google and Microsoft earnings after the close, and elevated BTC short-term implied volatility. Hedge funds are the most bearish in five years even as the S&P sits 1% from record highs.
Google searches for Bitcoin hit a 5-year low, a historically bullish contrarian signal. Analysts debate whether BTC can break $100K given macro headwinds, while the year-end forecast sits at the current price.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.