Contrary to common expectations, crypto markets rarely bottom when everyone predicts they will. Crypto sentiment platform Santiment highlights this phenomenon, noting that ‘true bottoms often form when the majority expects prices to fall further.’ Recent market fluctuations, like Bitcoin’s brief dip below $95,000 amidst a broader technology stock decline, exemplify this trend. Many traders believe the worst has passed based on these price movements. However, Santiment argues that history suggests such sentiment often leads to further declines. This viewpoint is supported by prominent figures, such as BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee, who predict Bitcoin could reach $200,000 or higher by year’s end. Despite these optimistic forecasts, Santiment points out a concerning shift in social media sentiment. Bitcoin sentiment has turned overwhelmingly negative on the platform, highlighting widespread pessimism. This trend coincides with significant dips in positive comments about Bitcoin to their lowest point in over a month. Moreover, market chatter indicates that recent price drops may be directly linked to Michael Saylor selling off his Bitcoin holdings. However, Saylor himself vehemently denied such claims amidst reported outflows of Bitcoin from several US-based spot ETFs. These outflows, which reached $1.17 billion over the past three days according to Farside, have been scrutinized for their potential influence on Bitcoin’s price. Although large ETF inflows typically signal market tops and significant outflows often correspond with market bottoms, indicating a potential shift in retail panic, Santiment argues that these trends are not definitive indicators of Bitcoin’s future trajectory.