The analysis company Santiment reports that the cryptocurrency sentiment for 2021 has dropped to almost record low levels – even though some experts double the price target of $ 400,000 Bitcoin.
According to Santiment, sentiment plunged after Bitcoin’s drop below $ 60,000 to the current price of $ 56,300 and Ethereum’s drop below $ 2,000. Ether is currently trading at $ 1,986
The crowd moans # Bitcoin and # Ethereum looks like an extremely negative area $ BTC falls back below $ 60,000 & $ ETH dropped less than $ 2,000 this week. Historically, buy during this level of #FUD & fear is a # Bulls opportunity. https://t.co/u7LKbvoqSt pic.twitter.com/ZTxQFroEfM
– Santiment (@santimentfeed) 7 April 2021
But other analysis platforms show a less convincing shift with the crypto-predictive data platform Augmento seeing the sentiment shift from ‘bullish’ to ‘slightly bearish’. The Alternative Crypto Fear and Greed index has meanwhile shown almost no change, with the counter still clearly sitting on ‘greed’
Yesterday’s sales, which dropped the total market capitalization of the cryptocurrency to just under $ 1.8 billion before stabilizing at about $ 1.9 billion, do not seem to bother experienced analysts. Mati Greenspan, founder of Quantum Economics, said in his April 8 newsletter that the dip “took place at relatively low volumes.”
He noted that Bitcoin miners apparently did not even notice the decline with the hash rate of the network, and it reached a new high of 179 million exams. This is often seen as a sign that they are expecting higher prices.
History indicates that BTC starts first
A report by Bloomberg Intelligence Strategist Mike McGlone, released on April 5, predicted that Bitcoin could soon approach $ 400,000 based on previous Bitcoin bullopies, adding:
“In September, the 180-day volatility on the crypto was roughly equal to the everyday low from October 2015. From the month’s average price, Bitcoin rose a little more than 50x to its high in 2017.”
Although it does not provide a specific time frame for when this peak can be reached, the report does indicate that the price is likely to exceed $ 60,000 resistance in the next quarter and move towards $ 80,000. be.’ ‘
Bitcoin account ‘Ecoinometrics’ tweeted that the BTC price has historically erupted between 300 and 350 days from previous halves. We are currently 329 days after the latest half. If it plays out like previous halves next May, a Bitcoin price could be in excess of $ 700,000 … or drop to well below $ 40,000.
