Bitcoin $150K Calls Drying Up, Santiment Says That’s Healthy

Bitcoin market sentiment has cooled as speculative euphoria ebbs, according to a weekly assessment by Santiment. The analytics firm notes that calls for BTC to sprint into uncharted territory — with bold targets ranging from $150,000 to $200,000, or even a drop to $50,000–$100,000 — have faded from the discourse. The shift away from meme-driven optimism is framed as a healthier sign for the market, suggesting retail buyers are retreating from extreme projections. While price action has not produced a definitive trend, the combination of cooling FOMO and mixed on-chain signals points to a more cautious environment. Bitcoin previously surged to around $126,100 in October before sliding into a downtrend that persisted through year-end.

Key takeaways

• Calls for extraordinary BTC targets are fading, signaling a rebalanced risk appetite.
• Bitcoin traded near $60,000 on Feb. 6 and later rose toward the mid-$60s, reaching about $67,800 at the time of publication.
• Social sentiment around BTC has shifted from extreme bearishness to neutral, complicating short-term trading decisions.
• The Crypto Fear & Greed Index remained in Extreme Fear, underscoring persistent caution among investors.
• On-chain activity shows warning signs, with declining transaction volume, fewer active addresses, and slower network growth suggesting dormancy rather than expansion.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Positive. Bitcoin’s bounce back toward the mid-$60k range provides a modest near-term price lift after February’s dip.

Trading idea (Not Financial Advice): Hold. The combination of softened sentiment signals and dwindling on-chain activity argues for a cautious stance rather than aggressive positioning.

Market context: The mood around BTC sits at a crossroads between a cooler speculative outlook and a still-fragile risk-off backdrop. With daily trading volumes and on-chain participation cooling, the market appears to be testing whether the recent price appreciation can translate into sustainable user activity or whether it remains a symptom of speculative liquidity rather than fundamental growth.

Why it matters

The Santiment analysis captures a moment when the crypto narrative shifts from high-conviction price fantasies to a more grounded view of Bitcoin’s fundamentals and macro-driven price action. On one hand, prominent proponents previously predicting multi-hundred-thousand-dollar BTC prices have softened their stance, acknowledging the need for a longer, steadier runway. On the other hand, even as price nudges higher, traders face a paradox: sentiment has improved enough to reduce panic-driven moves, yet on-chain metrics tell a story of reduced network activity, which historically can precede meaningful price moves or retests of support levels.

Bitcoin’s price trajectory has been a central point of focus for market participants. After a push to the early 2025 high, BTC then retraced into late-year weakness, a pattern that left many investors cautious about the durability of any rebound. The February dip to around $60,000 was followed by a tentative recovery into the mid-$60k area, with the latest readings showing the asset hovering near $67,847 according to CoinMarketCap. This price action, set against fading meme-driven enthusiasm, underscores a market that may require clearer catalysts before committing to a fresh up-leg or a renewed consolidation phase.

From a sentiment perspective, the shift from “extreme bearishness” toward a neutral stance can both help and hinder decision-making. While neutral sentiment reflects a cooling of speculative frenzy, it can also reduce the clarity of trading signals, making it harder for participants to determine whether a breakout is genuine or simply a pause in the current range. Santiment cautions that relying solely on sentiment metrics in such environments can be misleading, urging traders to balance social indicators with real-time on-chain data and price action.

On-chain indicators add another layer of nuance. Transaction volume, active addresses, and network growth have all shown a tendency to trend downward, a sign that the network is being used less frequently. In practical terms, this dormancy can imply that a large portion of market participants are waiting on the sidelines, rather than actively expanding utilization or driving new demand for block space. While this is not inherently bearish, it does suggest that price momentum might rely more on liquidity and macro factors than on fundamental network-driven demand in the near term.

Meanwhile, the Crypto Fear & Greed Index has persisted in the Extreme Fear zone, a reminder that risk appetite remains fragile even as prices recover from mid-wFebruary lows. Such readings often reflect a market where traders are wary of mispricing or sudden reversals, preferring to observe and react rather than to chase momentum. The juxtaposition of a modest price uptick with cautionary social sentiment and waning on-chain activity paints a complex picture for investors weighing the odds of a sustained rally versus a prolonged consolidation or a deeper pullback.

Beyond BTC-specific dynamics, the broader market context remains relevant. A cooler sentiment regime can coincide with tighter liquidity and a more selective investment climate, impacting capitalization on new products, exchange-traded products, and institutional allocations. In this environment, investors may favor risk-managed strategies and deeper due diligence over rapid entry, even as favourable macro cues or favorable regulatory developments could tilt the balance toward a renewed upswing.

What to watch next

• Monitor on-chain metrics for signs of renewed active participation (transaction volume, number of active addresses, network growth) over the next few weeks.
• Track BTC price action around key levels near $68,000–$70,000 to identify potential breakouts or resistance tests.
• Watch sentiment indicators for any renewed swing toward bullishness or a return to fear-driven selling pressures.
• Observe any shifts in macro liquidity and risk sentiment that could provide a catalyst for a sustained move higher or a pullback.

Sources & verification

• Santiment: Weekly sentiment overview noting the decline in extreme price targets and the shift in retail optimism.
• CoinMarketCap: Bitcoin price data showing a dip near $60,000 in early February and a later level around $67,800 at publication time.
• Alternative.me: Crypto Fear & Greed Index reading at 8 (Extreme Fear).
• On-chain indicators referenced by Santiment: transaction volume, active addresses, and network growth trends.
• The broader discussion of BTC price dynamics and sentiment shifts summarized in Santiment’s weekly report.

Market reaction and key details

Bitcoin (CRYPTO: BTC) has navigated a climate where speculative frenzy has cooled, and investors are increasingly data-driven in their approach. Santiment’s latest weekly note highlights a notable retreat in calls for explosive BTC appreciation or drastic downside, signaling a more tempered market outlook. The shift away from outsized targets underscores a broader recalibration of risk as participants weigh the likelihood of a sustained rally against the possibility of choppy, range-bound trading.

The historical price arc serves as a reference point for the current mood. After peaking around $126,100 in October, BTC entered a downtrend that tempered expectations for a rapid, uninterrupted ascent. The subsequent months reinforced a picture of a market sensitive to macro headlines and liquidity cycles, rather than a purely driven by hyperbolic optimism. In early February, the asset found its footing around the $60,000 mark, only to recover modestly in the mid-$60,000s and hover near $67,800 at the time of writing. This sequence illustrates how price and sentiment can diverge in the short term, with cautious optimism coexisting with measured risk-taking.

On the sentiment front, the recovery from prior “extreme bearishness” suggests participants are beginning to consider price action in a more balanced light. Yet the absence of a clear, confirmatory trend means traders face a dilemma: whether to read the current neutral stance as a precursor to a durable rally or as a temporary pause before renewed volatility. Santiment emphasizes that sentiment metrics should not be the sole basis for decisions in such conditions; instead, they should be interpreted in the context of on-chain activity and price momentum to form a holistic view.

Despite the more constructive narrative around BTC, on-chain metrics offer a cautionary note. The indicators highlighted—transaction volume, active addresses, and network growth—are showing signs of deceleration. This pattern points to a market where a large share of participants is currently waiting on the sidelines, rather than actively expanding network usage or driving new adoption. While not inherently bearish, the data signals that any upside momentum may depend on a fresh round of sustained utility and user participation beyond mere price speculation.

Additionally, the Crypto Fear & Greed Index’s Extreme Fear reading reinforces the sense that risk tolerance remains constrained. In such an environment, even favorable price moves might be treated with scepticism by some investors who seek stronger proof of durable demand or clearer catalysts before committing additional capital. Taken together, the data landscape from Santiment — coupled with the price action and the on-chain signals — depicts a market undergoing a cautious recalibration rather than a wholesale paradigm shift toward new all-time highs.

This article was originally published as Bitcoin $150K Calls Drying Up, Santiment Says That’s Healthy on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.