The Chart Broke When Retail Investors Shouted $90,000! Bitcoin's Chilling Warning Signal!

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While the market's extreme FOMO (Fear Of Missing Out) sentiment towards the leading virtual asset, Bitcoin (BTC), is spreading with expectations of breaking $100,000, on-chain data and technical indicators are sending chilling warnings of a short-term correction, requiring investors' special attention.

According to crypto media outlet Finbold on April 29 (local time), blockchain analytics platform Santiment reported that extreme optimism, predicting Bitcoin's price to reach $90,000 to $99,000, surged based on data collected from major social media platforms such as X, Reddit, and Telegram. Conversely, cautious forecasts of a decline to the $50,000 to $59,000 range disappeared, indicating a significant reduction in market fear.

However, experts interpret this pervasive market optimism as a typical danger signal. Historically, periods when expectations for a specific price point become excessively high have coincided with times of extreme volatility and the formation of local tops. This suggests that seasoned traders are likely entering a distribution phase, offloading their holdings to retail investors who are blindly expecting further gains, and the fact that the current price remains below $90,000 indicates that public expectations are far ahead of reality.

These warnings from on-chain data are also clearly confirmed in technical chart patterns. Renowned virtual asset trading expert Ali Martinez pointed out that on the 4-hour chart, Bitcoin has broken below the upward trendline that was supporting its short-term bullish structure, showing early signs of a trend reversal. The analysis suggests that the strong support line, which had been defending price increases for some time, has collapsed, significantly weakening the upward momentum.

Currently, Bitcoin is trading around $77,588, having risen approximately 2% in the past 24 hours, but it has fallen by about 1% on a weekly basis. Analysts identified the $75,000 level as a key defense line to watch in the short term, predicting that if this support level breaks, additional downward pressure will intensify, potentially leading to a prolonged sideways market. Conversely, they added that to completely invalidate bearish signals and revive bullish sentiment, Bitcoin must quickly recover at least the $79,000 level.

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