Analyst firm Santiment reports that sentiment toward cryptocurrencies has fallen to an all-time low in 2021 – even as some experts continue to lower bitcoin’s $400,000 price target.
Sentiment changed this week after Bitcoin fell below $60,000 to its current price of $56,300 and Ethereum fell below $2,000, according to Santiment. Ether is currently trading at $1,986.
Crowd sentiment towards #Bitcoin and #Ethereum seems to have fallen into extremely negative territory after $BTC fell below $60k this week and $ETH fell below $2k. Historically, buying at these #FUD and fear levels is a #bullish opportunity. https://t.co/u7LKbvoqSt pic.twitter.com/ZTxQFroEfM
– Sentiment (@santimentfeed) April 7, 2021
But other analysis platforms are showing a less convincing shift, such as crypto data platform Augmento, which sees sentiment slipping from bullish to slightly bearish. Meanwhile, the alternative cryptocurrency fear and greed index shows almost no change, with the gauge still clearly sitting on greed.
Alternative index of fear and greed. Alternative source
Yesterday’s sell-off, in which the total market capitalization of cryptocurrencies briefly dipped below $1.8 trillion before stabilizing around $1.9 trillion, doesn’t seem to bother seasoned analysts. Quantum Economics founder Maty Greenspan said in a newsletter on 8. April that the dip was due to relatively low volumes.
Bitcoin price, actual volume and complexity. Source: Messari
He noted that bitcoin miners didn’t even seem to notice the drop when the network’s hash rate reached a new record of 179 million exahashes, adding that miners are now hoarding bitcoins rather than reselling them on the market. This is often taken as a sign that they expect higher prices.
History shows that BTC is just getting started.
A report published at 5. In a report published in April, Bloomberg analyst Mike McGlone predicted that bitcoin could soon approach $400,000, based on bitcoin’s increases in the past, adding that bitcoin will reach $400,000 in the near future :
In September, the 180-day volatility of cryptocurrencies was roughly in line with the all-time low in October 2015. Starting with this month’s average price, bitcoin has risen by just over 50 times from its peak in 2017.
While the report does not provide a specific timetable on when this spike might occur, it does indicate that the price is likely to break through resistance at $60,000 and head toward $80,000 in the next quarter.
Analytical account Bitcoin Econonomics tweeted that the price of BTC has historically risen between 300 and 350 days since previous lows. We are now 329 days away from the final bisection. If things continue as they did in the last half of May, the price of bitcoin could rise above $700,000… or drop well below $40,000.
Bitcoin price forecast. Source: Twitter
