After hitting an all-time excessive of $73,737 in mid-March, the value of Bitcoin has not been in a position to sustain itself at a high level of vigor and energy. The premier cryptocurrency did, in truth, enter a brand new period with the April halving occasion, however its worth efficiency up to now weeks has but to mirror this.
However, Bitcoin loved a stroke of fortune up to now week, with its worth climbing above $67,000 for the primary time in practically a month. Although the sentiment across the crypto market and its chief has not been notably encouraging in the previous couple of weeks, the latest bullish rally appears to be driving a shift in that regard.
Can Bullish Sentiment Push BTC Price To $70,000?
According to a latest report by on-chain analytics agency Santiment, the sentiment of the crypto crowd has shifted towards Bitcoin following its newest rally above $67,000. This revelation relies on the Weighted Sentiment metric, which measures the general optimistic or detrimental sentiment in direction of a cryptocurrency.
This indicator relies on two sub-metrics; specifically sentiment rating and social quantity. The sentiment rating metric checks whether or not the gang is detrimental or optimistic in regards to the asset, whereas social quantity tracks the entire quantity of dialogue round an asset on social media.
Weighted sentiment is a product of each sentiment rating and social quantity. And there’s a important change within the metric when the social quantity is excessive and there’s a distinct common sentiment (both optimistic or detrimental).
Source: Santiment/X
According to Santiment, Bitcoin’s weighted sentiment lately hit its most bullish degree since January, triggered by the newest worth surge. The final time sentiment across the premier cryptocurrency was this bullish was after the Securities and Exchange Commission approved BTC spot ETFs within the United States.
Interestingly, Bitcoin isn’t the one high 20 cryptocurrency enjoying a positive sentiment in the intervening time. Sentiment’s information reveals that the Chainlink (LINK) token, which has seen its worth swell by practically 20% up to now week, is witnessing its most bullish sentiment in over a yr.
While a bullish sentiment isn’t essentially a nasty signal, FOMO (concern of lacking out) can simply set in in consequence, usually resulting in a worth crash. Santiment did notice in its posts that “FOMO staying low” is important for a sustained Bitcoin worth rally and a possible transfer to $70,000.
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at $66,924, reflecting a 2.3% enhance up to now day. More notably, the premier cryptocurrency is up by 10% on the weekly timeframe.
Bitcoin worth hovers round $67,000 on the every day timeframe | Source: BTCUSDT chart from TradingView
Featured picture from iStock, chart from TradingView
