Amidst 400k BTC prediction traders apprehensive to buy BTC – research
2 min readTL;DR Breakdown
- BTC price to hit $400-700k
- Why BTC is just getting started
Believed to be a result of the recent dip BTC has continued to suffer this week and its long resistance from the $60,000 mark, crypto sentiment has fallen alongside these prices even as analysts predict that BTC could hit $400,000 eventually.
Santiment, an analytic company, revealed that crypto sentiment fell to a near-record low level for 2021, even as more crypto analysts continue to paint a bullish prediction for the number one cryptocurrency this year particularly after BTC dropped from $60,000, sentiments nosedived. ETH’s dip below $2,000 was another factor that contributed to the crisis. However, data from other analytics platforms shows a less convincing shift
The crowd mood toward #BTC and #ETH 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
The crowd mood toward Augmento, another crypto predictive data platform, reports that sentiment slide from ‘bullish’ to ‘slightly bearish’. On the other hand, the alternative Crypto Fear and Greed index reflects that there appears to be almost no change as its counter is stationed at “greed.”
However, after Wednesday’s slight sell-off that plunged the entire crypto market capitalization below $1.8 trillion does not appear to be a threat to analysts. In a newsletter by Mati Greenspan, Quantum Economics founder, the dip “took place on relatively low volumes.” He said BTC miners had experienced the dip, with the network’s hash rate reaching a new all-time high of 179 million exahashes.
Why BTC may just be getting started
A Bloomberg report dated April 5 by Intelligence Strategist Mike McGlone explained that BTC could hit $400,000 because of its previous bull runs. He referenced September to October volatility in 2015, after which BTC rice peaked by 50 times in 2017.
However, there is no precise timeframe of when BTC would hit $400,000 per McGlone’s prediction. Another economist said that the crypto broke out 300-350 days after the previous halving. Now, it is 330 days after the previous halving, and if a repeat of what happened after the previous halving is to be experienced, BTC will blow to about $700,000.
