After reaching an all-time excessive of $73,737 in mid-March, the value of Bitcoin has didn’t maintain itself at a excessive stage of power and energy. The premier cryptocurrency has certainly entered a brand new period with the April halving occasion, however its worth efficiency in current weeks has but to replicate that.
Final week, nevertheless, Bitcoin received fortunate, pushing above $67,000 for the primary time in virtually a month. Whereas sentiment surrounding the crypto market and its chief has not been notably encouraging over the previous few weeks, the current rally appears to be contributing to a shift in that regard.
May Bullish Sentiment Push BTC To $70,000?
In line with a current on-chain report from analyst agency Santiment, sentiment among the many crypto crowd has shifted towards Bitcoin following its current rally above $67,000. This discovering relies on the Weighted Sentiment indicator, which measures the general constructive or unfavourable sentiment towards a cryptocurrency.
This indicator relies on two sub-metrics; specifically temper rating and social quantity. The sentiment rating metric checks whether or not the gang is constructive or unfavourable about an asset, whereas the social quantity tracks the whole variety of discussions across the asset on social media.
Weighted sentiment is the product of each sentiment rating and social scope. And there are important modifications within the metric when social quantity is excessive and there’s a clear common sentiment (constructive or unfavourable).
Supply: Santiment/X
In line with Santiment, Bitcoin weighted sentiment not too long ago reached its highest stage since January, pushed by the newest worth spike. The final time sentiment across the main cryptocurrency was this optimistic was after the Securities and Trade Fee accepted spot BTC ETFs in america.
Apparently, Bitcoin is just not the one prime 20 cryptocurrency having fun with constructive sentiment in the intervening time. Sentiment knowledge exhibits that the Chainlink (LINK) token, which has gained almost 20% in worth over the previous week, is experiencing its most bullish sentiment in additional than a yr.
Whereas bullish sentiment is not essentially a foul signal, it could simply end in FOMO (concern of lacking out), usually resulting in a worth collapse. Santiment famous in its posts that “FOMO stays low” is critical for a sustained rise in bitcoin costs and a possible transfer to $70,000.
Bitcoin worth at a look
On the time of writing, Bitcoin was valued at $66,924, representing a 2.3% acquire over the previous day. Furthermore, the premier cryptocurrency gained 10% over the week.
Bitcoin worth hovers round $67,000 on the each day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture from iStock, chart from TradingView
