Bitcoin’s latest surge is fueling retail hype, but market experts warn that excessive optimism could precede a sharp pullback.
Bitcoin Rally Reignites Retail Mania
Bitcoin’s breakout above $94,000 on Wednesday unleashed another wave of retail enthusiasm. As price targets of $100,000 trend across social media, experts are urging caution in the face of rising hype.
Santiment posted on X (formerly Twitter) cautioning traders, stating: “$100K could come soon, but first, the euphoria must settle down.”
The comment referenced analyst Maksim’s earlier post, where he questioned whether Bitcoin could reach $100K by the end of the week, concluding, “Patience beats hype.”
Santiment’s metrics show retail-driven FOMO is building—a phenomenon historically linked to local market tops and sudden corrections.
Whales Accumulate Bitcoin Amid Rising Retail Excitement
Even as retail euphoria builds, whales are quietly accumulating more Bitcoin.
Santiment data shows wallets holding 10 to 10,000 BTC added over 19,255 BTC recently, bringing their total accumulation past 50,000 BTC since March 22.
Currently, whales and sharks control more than 67% of Bitcoin’s circulating supply, an indicator that often precedes extended price rallies.
Bitcoin’s 11.2% rally between April 21 and April 25 coincided with this major accumulation spree, reinforcing the bullish case.
Meanwhile, CryptoQuant data reveals a historic drop in Bitcoin exchange netflows, reaching their lowest levels since February 2023.
This signals that more investors are moving Bitcoin to cold storage—typically a bullish long-term indicator.
Rising Greed Signals Caution Despite Uptrend
Despite strong technical support, caution is increasing.
The Fear & Greed Index soared to 72 on April 23, signaling strong greed levels, before pulling back slightly to 60 on April 25.
Bitcoin trades near $93,289.
Its RSI sits at 66.10, nearing overbought territory, while Bollinger Bands show widening volatility—both indicators suggest elevated risk of a short-term pullback.
Resistance remains at $95,091, while key support lies around $87,724.
Some analysts, like Markus Thielen of 10x Research, caution that the stablecoin minting signal hasn’t yet flashed strong, suggesting a sustainable rally isn’t fully confirmed.
However, bullish voices like Michaël van de Poppe believe continued demand could propel Bitcoin toward new all-time highs.
ETF inflows are adding weight to the bullish narrative, with U.S. Bitcoin spot ETFs attracting $2.68 billion last week—the third-highest since launch.
ARK Invest’s report suggests Bitcoin could climb to $300,000 by 2030—or up to $2.4 million in a more optimistic scenario.
Bitcoin’s dominance remains strong at 64.29%, with altcoins trailing behind.
CoinMarketCap’s altcoin season index sits at just 17 out of 100, underscoring Bitcoin’s continued leadership.
Technically, Bitcoin is trading above its 100-hour SMA near $92,000 but struggles to break $94,500 resistance.
Failure could lead to a pullback toward $91,200 before resuming upward movement.
In summary, Bitcoin’s explosive move has reignited retail fervor, but a mix of elevated greed signals and cautious technicals suggests a near-term pause before the next big move could unfold.
