After reaching an all-time excessive of $73,737 in mid-March, the worth of Bitcoin has been unable to keep up its excessive stage of vigor and power. The primary cryptocurrency truly entered a brand new period with the April halving, however its worth efficiency in latest weeks has but to replicate that.
Nevertheless, Bitcoin loved some luck final week, climbing above $67,000 for the primary time in virtually a month. Though the sentiment surrounding the crypto market and its chief has not been significantly encouraging in latest weeks, the latest bull rally appears to be resulting in a shift on this regard.
Can Bullish Sentiment Push BTC Worth To $70,000?
In keeping with a latest report from on-chain analytics agency Santiment, the sentiment of the crypto crowd has shifted in the direction of Bitcoin following its newest surge above $67,000. This disclosure is predicated on the Weighted Sentiment metric, which measures the general optimistic or adverse sentiment in the direction of a cryptocurrency.
This indicator is predicated on two sub-metrics; specifically sentiment rating and social quantity. The sentiment rating metric checks whether or not the gang is adverse or optimistic about an asset, whereas social quantity tracks the overall quantity of debate round a given asset on social media.
Weighted sentiment is the product of each sentiment rating and social quantity. And a big change within the metric happens when social quantity is excessive and there’s a distinct common sentiment (both optimistic or adverse).
Supply: Santiment/X
In keeping with Santiment, weighted bitcoin sentiment lately reached its most bullish stage since January, prompting the most recent worth improve. The final time sentiment across the main cryptocurrency was this bullish was after the Securities and Trade Fee accredited a spot BTC ETF in the USA.
Curiously, Bitcoin shouldn’t be the one prime 20 cryptocurrency presently having fun with optimistic sentiment. Sentiment knowledge exhibits that the Chainlink (LINK) token, which has gained practically 20% in worth over the previous week, is experiencing essentially the most bullish sentiment in over a yr.
Whereas bullish sentiment isn't essentially a nasty signal, FOMO (concern of lacking out) can simply set in in consequence, typically main to cost falls. In his posts, Santiment famous that “FOMO to remain low” is important for a sustained improve in bitcoin costs and a possible transfer to $70,000.
Bitcoin worth at a look
On the time of writing, Bitcoin is valued at $66,924, reflecting a 2.3% improve over the previous day. Much more outstanding, the main cryptocurrency is up 10% on the weekly timeframe.
Bitcoin worth hovers round $67,000 on the every day timeframe | Supply: BTCUSDT chart from TradingView
Featured picture from iStock, chart from TradingView
