After hitting an all-time excessive of $73,737 in mid-March, Bitcoin’s worth has been unable to maintain greater vigor and power. In actual fact, the premier cryptocurrency has certainly entered a brand new period with the halving occasion in April, however its worth efficiency over the previous few weeks has not but mirrored this.
Nevertheless, Bitcoin skilled a stroke of fine fortune over the previous week, with its worth climbing above $67,000 for the primary time in almost a month. Whereas the sentiment surrounding the cryptocurrency market and its leaders over the previous few weeks has not been notably encouraging, the latest bullish rally seems to be driving a shift on this regard.
Can Bullish Sentiment Push BTC Value to $70,000?
In accordance with a latest report by on-chain analytics agency Santiment, sentiment among the many crypto crowd has shifted towards Bitcoin following its newest rally above $67,000. This revelation relies on the Weighted Sentiment Indicator, which measures total optimistic or damaging sentiment in the direction of the cryptocurrency.
This metric relies on two sub-metrics; particularly sentiment rating and social quantity. The sentiment rating metric examines whether or not the group is damaging or optimistic in regards to the asset, whereas the social quantity tracks the whole quantity of debate surrounding the asset on social media.
Weighted sentiment is the product of sentiment rating and social quantity. When social quantity is excessive and there’s a clear common sentiment (optimistic or damaging), the indicator modifications considerably.
Supply: Santiment/X
In accordance with Santiment, Bitcoin’s weighted sentiment lately reached its highest stage since January amid the most recent worth surge. The final time sentiment across the main cryptocurrency was this bullish was after the SEC accredited a BTC spot ETF.
Apparently, Bitcoin will not be the one prime 20 cryptocurrency presently having fun with optimistic sentiment. The Chainlink (LINK) token has elevated in worth by almost 20% over the previous week and is witnessing its most optimistic sentiment in additional than a yr, in response to knowledge from Sentiment.
Whereas bullish sentiment will not be essentially a nasty signal, FOMO (concern of lacking out) can simply set in, typically inflicting costs to plummet. Santiment did observe in its put up that “FOMO remaining low” is important for Bitcoin costs to proceed rising and probably attain $70,000.
Bitcoin Value at a Look
As of this writing, Bitcoin is buying and selling at $66,924, up 2.3% from the previous day. Extra notably, the most important cryptocurrency is up 10% on a weekly foundation.
Bitcoin worth hovers round $67,000 on the day by day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture from iStock, chart from TradingView
