Market Cap
24h Vol
5654
Cryptocurrencies
51.91%
Bitcoin Share

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K


CoinTelegraph
2021-04-08 03:20:33

Despite apparent sentiment shifts following this week’s price dip, experts are predicting Bitcoin will potentially reach $400,000 eventually. Analytics company Santiment reports that cryptocurrency sentiment has fallen to near-record low levels for 2021 — even as some experts are doubling down on a $400,000 Bitcoin (BTC) price target.Sentiment nosedived following Bitcoin’s drop below $60,000 to its current price of $56,300 and Ether’s (ETH) dip under $2,000 this week, according to Santiment. Ether is currently trading at $1,998. The crowd mood toward #Bitcoin and #Ethereum appears to have dropped to extreme negative territory after $BTC fell back under $60k & $ETH dipped back under $2k this week. Historically, buying during this level of #FUD & fear is a #bullish opportunity. https://t.co/u7LKbvoqSt pic.twitter.com/ZTxQFroEfM— Santiment (@santimentfeed) April 7, 2021 But other analytics platforms show a less convincing shift, with crypto predictive data platform Augmento seeing sentiment slide from “bullish” to “slightly bearish.” The Alternative Crypto Fear & Greed index, meanwhile, shows almost no change, with the counter still clearly sitting at “greed.”Alternative Fear & Greed Index. Source AlternativeYesterday’s sell-off, which saw the entire cryptocurrency market cap drop briefly below $1.8 trillion before stabilizing around $1.9 trillion, doesn’t appear to bother seasoned analysts. Quantum Economics founder Mati Greenspan stated in his April 8 newsletter that the dip “took place on relatively low volumes.”Bitcoin price, real volume, and difficulty. Source: MessariHe noted that Bitcoin miners seem to have not even noticed the dip, with the network’s hash rate reaching a new all-time high of 179 million exahashes, adding “that miners are hoarding Bitcoin right now instead of selling it back to the market.” This is often taken as a sign they expect higher prices. History suggests BTC only getting startedReleased on Monday, a report by Bloomberg Intelligence strategist Mike McGlone predicted Bitcoin could soon approach $400,000 based on past Bitcoin bull runs, adding:“In September, 180-day volatility on the crypto about matched the all-time low from October 2015. From that month’s average price, Bitcoin increased a little over 50x to the peak in 2017.”Although it doesn’t give a specific time-frame for when this peak might be achieved, the report does specify that over the next quarter the price is likely to “breach $60,000 resistance and head toward $80,000.” Bitcoin analytics account Ecoinometrics tweeted that historically, the BTC price broke out between 300 and 350 days from previous halvings. We are currently at 329 days from the latest halving. If it plays out anything like previous halvings, next May could see a Bitcoin price past $700,000... or drop to well below $40,000.Bitcoin price prediction. Source: Twitter


Coin Extrude Ecosystem
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.