Bitcoin Crash Warnings May Be Self-Serving, Says Analyst PlanC
Analyst: “If You Sold, You Want Lower Prices”
A growing chorus of traders forecasting a Bitcoin (BTC) correction may not be as objective as they appear, according to Bitcoin analyst PlanC.
Speaking on the Mr. M Podcast on Friday, PlanC argued that many recent sellers are attempting to influence sentiment in their favor after exiting their positions.
“If you sold, you really want lower prices,” PlanC explained. “The whole point of selling is that you think the bear market is coming — so you’re going to get on social media and promote that idea.”
PlanC suggested that these voices are attempting to push sentiment lower in hopes of buying back Bitcoin at cheaper levels, even as the broader data shows mixed market emotions.
Market Sentiment: “Extreme Fear,” Yet Social Data Remains Bullish
The Crypto Fear & Greed Index — which tracks overall sentiment using volatility, trading volume, and social media activity — dropped to 20 on Saturday, signaling “Extreme Fear.”
This typically indicates widespread caution and potential overselling in the market.
Source: Alternative.me – Fear & Greed Index
However, data from analytics firm Santiment paints a more nuanced picture.
According to the latest figures:
- 57.78% of Bitcoin-related posts are positive,
- 15.80% are neutral, and
- 26.42% are negative.
This suggests that despite the fearful headlines, the majority of online sentiment toward Bitcoin remains constructive.
Price Action: Local Bottom May Already Be In
After briefly dipping below the $100,000 psychological level to $98,000, Bitcoin has since rebounded to $103,562, according to CoinMarketCap.
PlanC believes that this could represent a local bottom for BTC — or at least signal that most of the downside pressure has already been absorbed.
“I think there is a good chance — hard to quantify exactly — but from my perspective, there’s a decent chance that was the major bottom,” PlanC said.
“If it wasn’t, I don’t see us going much lower.”
Still, the analyst warned that a minor pullback could occur before Bitcoin resumes its upward trajectory:
“Maybe we go for one more scare over the coming week — maybe down to $95K or so,” he added.
Bitcoin remains down 16.15% over the past 30 days, but analysts say the recent correction may have flushed out overleveraged traders, creating conditions for a potential recovery.
Other Analysts Remain Cautious
Not all experts share PlanC’s optimism.
- Mike McGlone, senior macro strategist at Bloomberg Intelligence, wrote on X that “$100,000 could be a speed bump toward $56,000.”
- Meanwhile, Cathie Wood, CEO of ARK Invest, recently revised her long-term Bitcoin price target downward by $300,000, citing slower institutional inflows than expected.
These contrasting forecasts underscore the divergent sentiment currently dominating the Bitcoin market — with some traders betting on continued weakness while others see signs of stabilization.
Key Takeaways
- Bitcoin sellers may be influencing bearish narratives for self-interest, says analyst PlanC.
- Despite “Extreme Fear” readings, social sentiment remains 57% positive.
- Bitcoin’s local bottom may have formed near $98,000, with price rebounding above $103,000.
- Analysts remain split on near-term direction, with targets ranging from $56,000 to $120,000.
Sources
- See all our insights: Bitcoin World News
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