Analytics firm Santiment reports that cryptocurrency sentiment has dropped to near-record low prices for 2021 – even as some experts are doubling down $400,000 Bitcoin’s price target.
Sentiment nosedived after Bitcoin’s drop below $60,000 to the present price of $56,300 and Ethereum’s dip under $2,000 this week, according to Santiment. Ether is currently trading at $1,986
The crowd disposition toward #Bitcoin and #Ethereum appears to have fallen to intense negative land after $BTC fell back under $60k & $ETH dipped back below $2k weekly. Historically, purchasing during this degree of #FUD & fear is a #bullish prospect.
– Santiment (@santimentfeed) April 7, 2021
But other analytics platforms show a less convincing shift with crypto predictive information platform Augmento viewing sentiment slide from’bullish’ into’somewhat bearish’. The Alternative Crypto Fear and Greed indicator meanwhile shows virtually no change, with all the counter still obviously sitting at’greed’
Yesterday’s sell-off, which saw the entire cryptocurrency market cap drop briefly below $1.8 trillion before putting approximately $1.9 trillion, does not seem to bother seasoned analysts. Quantum Economics creator Mati Greenspan stated in his April 8 book that the dip’took place on relatively low amounts.
He noted that Bitcoin miners appear to have not even noticed the dip with all the community’s hash rate attaining a new all-time high 179 million exahashes, including’which miners are hoarding Bitcoin now instead of selling it back into the marketplace.’ This can be regarded as a sign they expect higher costs.
Even though it doesn’t give a particular time-frame for if this peak may be achieved, the report will not specify that within the following quarter that the price is likely to’breach $60,000 immunity and mind $80,000.’
Bitcoin analytics account’Ecoinometrics’ tweeted that the BTC cost broke from 300 to 350 times from previous halvings. We’re at 329 days from the latest halving. If it plays out anything like previous halvings following May could observe a Bitcoin cost past $700,000… or drop to well below $40,000.