- After hitting an all-time high of $73,737 in mid-March, the price of Bitcoin has not been able to sustain itself at a high level of vigor and strength.
- The premier cryptocurrency did, in fact, enter a new era with the April halving event, but its price performance in the past weeks has yet to reflect this.
- However, Bitcoin enjoyed a stroke of fortune in the past week, with its price climbing above $67,000 for the first time in nearly a month.
Explore how recent developments and market sentiments are sculpting the future trajectory of Bitcoin’s value.
Can Bullish Sentiment Push BTC Price To $70,000?
According to a recent report by on-chain analytics firm Santiment, the sentiment of the crypto crowd has shifted toward Bitcoin following its latest rally above $67,000. This revelation is based on the Weighted Sentiment metric, which measures the overall positive or negative sentiment towards a cryptocurrency.
Understanding Market Sentiments and Their Impact
This indicator is based on two sub-metrics; 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 around an asset on social media. Weighted sentiment is a product of both sentiment score and social volume. And there is a significant change in the metric when the social volume is high and there is a distinct average sentiment (either positive or negative).
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at $66,924, reflecting a 2.3% increase in the past day. More notably, the premier cryptocurrency is up by 10% on the weekly timeframe.
Conclusion
While the recent price surge and bullish market sentiment indicate potential for further gains, investors should remain cautious of FOMO, which can lead to sudden market corrections. The outlook for Bitcoin remains cautiously optimistic as it approaches the $70,000 mark.
