Analytical company Santiment reports that the mood of cryptocurrencies has dropped to almost record lows by 2021 – even as some experts double at a target price of $ 400,000 Bitcoin (BTC).
Sentiment was carried after Bitcoin fell below $ 60,000 to its current price of $ 56,300 and Ether’s (ETH) fell below $ 2,000 this week, according to Sentiment. Ether is currently trading at $ 1,998.
The mood of the crowd towards #Bitcoin i #Ethereum he seems to have fallen into extremely negative territory after that $ BTC fell below $ 60k & $ ETH dropped below $ 2k this week. Historically, shopping during this level #FUD & fear is a #bullish opportunity. https://t.co/u7LKbvoqSt pic.twitter.com/ZTxQFroEfM
– Santiment (@santimentfeed) April 7, 2021
But other analytics platforms are showing a less convincing shift, with the crypto-predictive data platform Augmento seeing the sentiment grow from “bullish” to “slightly bearish”. The Alternative Crypto Fear & Greed index, meanwhile, shows almost no change, while the counter is still clearly present in “greed”.
Yesterday’s sales, which noted that the overall market capitalization of cryptocurrencies briefly fell below $ 1.8 trillion before stabilizing at about $ 1.9 trillion, don’t seem to bother seasonal analysts. Quantum Economics founder Mati Greenspan said in his April 8 bulletin that the decline “occurred in relatively small quantities”.
He noted that Bitcoin miners did not even seem to notice a drop, and the network hash rate reached a new peak of 179 million exachas, adding “that miners are currently hoarding Bitcoin instead of selling it back on the market.” This is often taken as a sign that they expect higher prices.
History suggests that BTC is just beginning
Released Monday, a report by Bloomberg’s intelligence strategist Mike McGlone predicts that Bitcoin could soon approach $ 400,000 based on past Bitcoin runs, adding:
“In September, the 180-day volatility in the crypto market coincided with the lowest level since October 2015. From the average price that month, Bitcoin rose just over 50 times to the peak of 2017.”
Although it does not specify a specific time frame for when this peak could be reached, the report specifies that during the next quarter, the price will probably “break the resistance of 60,000 US dollars and move towards 80,000 US dollars”.
Bitcoin Analytical Account Ecoinometrics tweetao that in the past the BTC price broke out between 300 and 350 days compared to previous halves. We are currently at 329 days since the last halving. If he plays something like the previous halving, next May the price of bitcoin could exceed $ 700,000 … or fall to well below $ 40,000.