Analytics firm Santiment reports that sentiment or optimism towards cryptocurrencies has fallen to near-record levels by 2021, even as some experts are reaffirming that the price of Bitcoin will hit $ 400,000.
Sentiment tumbled following Bitcoin’s slide below $ 60,000 to its current price of $ 56,300 and Ethereum’s slide below $ 2,000 this week, according to Santiment. Ether is currently trading at $ 1,986.
The crowd’s mood towards #Bitcoin and #Ethereum appears to have fallen into extreme negative territory after $ BTC fell back below $ 60,000 and $ ETH plunged below $ 2,000 again this week. Historically, buying during this #FUD and fear level is an opportunity
Analytics firm Santiment reports that sentiment or optimism towards cryptocurrencies has fallen to near-record levels by 2021, even as some experts are reaffirming that the price of Bitcoin will hit $ 400,000.
Sentiment tumbled following Bitcoin’s slide below $ 60,000 to its current price of $ 56,300 and Ethereum’s slide below $ 2,000 this week, according to Santiment. Ether is currently trading at $ 1,986.
But other analytics platforms show a less convincing change; Cryptocurrency predictive data platform Augmento records sentiment sliding from ‘bullish’ to ‘slightly bearish’. Alternative Crypto’s fear and greed index meanwhile shows almost no change; the accountant is still clearly sitting on “greed”.
Yesterday’s sale, which saw the cryptocurrency market capitalization briefly drop below $ 1.8 trillion before stabilizing at around $ 1.9 trillion, doesn’t seem to bother seasoned analysts. Quantum Economics founder Mati Greenspan stated in his April 8 newsletter that the drop “took place at relatively low volumes.”
He noted that Bitcoin miners seem not to have noticed the drop with the network’s hash rate hitting a new all-time high of 179 million exahashes, adding “that miners are hoarding Bitcoin right now rather than selling it to the market.” This is often taken as a sign that higher prices are expected.
History suggests that BTC is just getting started
Released on April 5, a report by Bloomberg Intelligence strategist Mike McGlone predicted that Bitcoin could soon approach $ 400,000, based on Bitcoin’s past bullish moves, adding:
“In September, the 180-day volatility in the cryptocurrency almost equaled the all-time low of October 2015. From the average price of that month, Bitcoin increased a little more than 50 times to the peak of 2017”
Although it does not give a specific time frame of when that peak could be reached, the report specifies that during the next quarter the price is likely to “break the resistance of $ 60,000 and go towards $ 80,000”.
Bancor Launches Non-Settlement Loans With Vortex As Automated Market Makers Continue Diversification
Bitcoin analytics account “Ecoinometrics” tweeted that historically, the price of BTC broke between 300 and 350 days from previous halvings. We are currently 329 days from the last halving. If the situation is similar to the previous halvings, next May the price of Bitcoin could register above $ 700,000 … or fall below $ 40,000.
