June 17, 2024
1 Solar System Way, Planet Earth, USA
Crypto

Bitcoin Investor Sentiment Witnesses Bullish Shift: Will BTC Price Hit $70,000 Soon?

After reaching an all-time high of $73,737 in mid-March, Bitcoin price has failed to stay at a high level of vigor and strength. Indeed, the leading cryptocurrency entered a new era with the April halving event, but its price performance in recent weeks has not yet reflected this.

However, Bitcoin enjoyed a stroke of fortune last week, with its price rising above $67,000 for the first time in almost a month. Although sentiment around the cryptocurrency market and its leader has not been particularly encouraging in recent weeks, the recent bullish rally appears to be driving a change in that regard.

Can bullish sentiment push BTC price to $70,000?

According to a recent report According to on-chain analytics firm Santiment, the sentiment of the cryptocurrency crowd has shifted towards Bitcoin following its latest rally above $67,000. This disclosure is based on the weighted sentiment metric, which measures the overall positive or negative sentiment towards a cryptocurrency.

This indicator is based on two submetrics; namely, sentiment score and social volume. The sentiment score metric checks whether the crowd is negative or positive about the asset, while social volume tracks the total amount of discussion about an asset on social media.

weighted feeling it is a product of both sentiment score and social volume. And there is a significant change in the metric when social volume is high and there is a different average sentiment (either positive or negative).

bitcoin

Source: Santiment/X

According to Santiment, Bitcoin's weighted sentiment recently reached its most bullish level since January, sparked by the latest price surge. The last time sentiment around the top cryptocurrency was this bullish was after the Securities and Exchange Commission. BTC Spot ETFs Approved in the U.S.

Interestingly, Bitcoin is not the only top 20 cryptocurrency enjoying a positive feeling at the moment. Sentiment data shows that the Chainlink token (LINK), which has risen nearly 20% in value in the past week, is experiencing its most bullish sentiment in over a year.

While bullish sentiment is not necessarily a bad sign, FOMO (fear of missing out) can easily set in as a result, often leading to falling prices. Santiment noted in her posts that “FOMO staying low” is necessary for a sustained Bitcoin price rally and a possible move to $70,000.

Bitcoin price at a glance

At the time of writing this article, Bitcoin is valued to $66,924, reflecting a 2.3% increase over the past day. Most notably, the top cryptocurrency is up 10% in the weekly period.

bitcoin

Bitcoin price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart from TradingView

Featured image from iStock, chart from TradingView

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