Analytics firm Santiment reports that cryptocurrency sentiment has fallen to near record lows in 2021 – although some experts double the $ 400,000 Bitcoins price target.
Sentiment nosedived after Bitcoin fell below $ 60,000 to the current price of $ 56,300 and Ethereum’s dip below $ 2,000 this week, according to Santiment. Ether is currently trading at $ 1,986
Public sentiment against #Bitcoin and #Ethereum appears to have fallen into extremely negative territory after $ BTC fell back below $ 60k & $ ETH dipped back below $ 2k this week. Historically, buying during this level of #FUD & fear is a #possible option. https://t.co/u7LKbvoqSt pic.twitter.com/ZTxQFroEfM
̵1; Santiment (@santimentfeed) April 7, 2021
But other analytics platforms show a less convincing shift with crypto-predictable data platform Augmento sees sentiment slide from ‘bullish’ to ‘slightly bearish’. Alternative Crypto Fear and Greed index meanwhile shows almost no changes, with the counter still sitting clearly at “greed”
Yesterday’s sales, in which the entire cryptocurrency market fell just below $ 1.8 trillion before stabilizing at around $ 1.9 trillion, do not seem to bother experienced analysts. Quantum Economics founder Mati Greenspan declared in her April 8 newsletter that the downturn “took place at relatively low volumes.”
He noted that Bitcoin miners have apparently not even noticed the decline in the network’s hash rate, reaching a new full-time high of 179 million exams, adding “miners are hoarding Bitcoin right now instead of selling it back to the market. ” This is often taken as a sign that they expect higher prices.
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 previous Bitcoin bull runs, adding:
“In September, 180-day volatility on the crypto matched the lowest level from October 2015. From this month’s average price, Bitcoin rose just over 50 times to the top in 2017.”
Although it does not provide a specific time frame for when this peak may be reached, the report indicates that the price in the next quarter is likely to “violate $ 60,000 resistance and go towards $ 80,000”.
Bitcoin analysis account “Ecoinometrics” tweeted that historically the BTC price broke out between 300 and 350 days from previous halves. We are currently 329 days from the last halving. If it reflects something like the previous halves of May, there could be a Bitcoin price past $ 700,000 … or fall to well below $ 40,000.