Bitcoin is almost at $80,000... Why are retail investors falling into 'FOMO' again?

▲ Bitcoin (BTC)

As the price of Bitcoin (BTC) approaches the $80,000 mark, market sentiment has rapidly swung from extreme pessimism to excessive optimism in just 72 hours.

According to U.Today, a cryptocurrency specialized media outlet, on April 24 (local time), on-chain data analysis firm Santiment stated that public sentiment indicators surrounding Bitcoin recently moved out of a pessimistic phase earlier this week and entered what is known as the 'Ultra FOMO' phase by Thursday.

When Bitcoin's upward momentum stalled around the $76,000 mark earlier this week and negative opinions flooded social media, Santiment actually pointed to this indicator as a buy signal. It effectively seized the moment of extreme market pessimism as an opportunity for a rebound. Since then, Bitcoin has successfully recovered its price, reaching $78,000 on the 23rd, and is once again knocking on the door of the $80,000 high.

Currently, Bitcoin is trading around $77,500, recording a 4% increase over the past week and a 10% increase over the past month. However, it is still 38% lower than its all-time high of $126,000, which was achieved in October 2025. Santiment described the return of the indicator to a strong FOMO state as a "clear warning sign," stating that while further price increases are possible, optimism needs to subside somewhat for Bitcoin to firmly establish itself above $80,000.

Market analysts are suggesting that public sentiment needs to regain its composure for Bitcoin to break through resistance and establish strong support. Santiment added, "While breaking $80,000 could have an enormous impact on new investors and those looking to re-enter the market, a rally that occurs when the current excessive enthusiasm has subsided somewhat would be more convincing."

Some cautious voices also suggest that the recent price rebound is based on futures market activity rather than actual spot demand. Analyst Carmelo Aleman analyzed that the price increase from $76,000 to $79,400 was a result driven by futures market trading activity rather than actual asset purchases, raising questions about the sustainability of the uptrend.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*