TL;DR Breakdown
- BTC price to hit $400-700k.
- Bitcoin predicted to just be getting started.
Due to the recent dip Bitcoin has continued to suffer this week, crypto sentiment has fallen alongside these prices even as analysts predict that BTC could still eventually hit $400,000 eventually.
Santiment, an analytic company, revealed that crypto sentiment fell to a near-record low level for 2021, even as more crypto analysts continue to paint a bullish prediction for the number one cryptocurrency. This year – particularly after Bitcoin dropped from $60,000, sentiments nosedived. Ethereum‘s dip below $2,000 was another factor that contributed to the crisis. However, data from other analytics platforms shows a less convincing shift
Augmento, another crypto predictive data platform, reports that sentiment slide from ‘bullish’ to ‘slightly bearish’. On the other hand, the alternative Crypto Fear and Greed index reflects that there appears to be almost no change as its counter is stationed at “greed.”
However, after Wednesday’s slight sell-off that plunged the entire crypto market capitalization below $1.8 trillion, this entire development does not appear to be a threat to analysts. In a newsletter by Mati Greenspan, Quantum Economics founder, the dip “took place on relatively low volumes.” He said Bitcoin miners had experienced the dip, with the network’s hash rate reaching a new all-time high of 179 million exahashes.
Why Bitcoin may just be getting started
A Bloomberg report dated the 5th of April by Intelligence Strategist Mike McGlone explained that BTC could hit $400,000 because of its previous bull runs. He referenced September to October volatility in 2015, after which BTC rice peaked by 50 times in 2017.
However, there is no precise timeframe to when BTC would hit $400,000 per McGlone’s prediction. Another economist said that the crypto broke out 300-350 days after the previous halving. Now, it is 330 days after the previous halving, and if a repeat of what happened after the previous halving is to be experienced, BTC will blow to about $700,000.
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