Bitcoin Investor Sentiments Are Witnessing a Bullish Shift – BTC Price Will Soon Hit $70,000?

Published on:

After reaching a record high of $73,737 in mid-March, Bitcoin’s price has been unable to maintain its high level of vigor and strength. In fact, the most significant cryptocurrency entered a novel era with the April halving, but its prices in recent weeks have not yet reflected this.

However, Bitcoin enjoyed a lucky break last week, with its price exceeding $67,000 for the first time in almost a month. While sentiment around the cryptocurrency market and its leader hasn’t been particularly encouraging over the past few weeks, the recent surge in gains appears to be causing a shift in that regard.

Can bullish sentiment push BTC price to $70,000?

According to a recent one report by analyst firm Santiment, cryptocurrency sentiment has shifted towards Bitcoin following its recent surge above $67,000. This finding is based on the Weighted Sentiment metric, which measures overall positive or negative sentiment towards a cryptocurrency.

This indicator is based on two partial indicators; namely sentiment score and social volume. The sentiment indicator checks whether the crowd is positive towards the asset, while the social volume tracks the total amount of discussion around the asset on social media.

Weighted sentiment is the product of both sentiment score and social volume. A significant change in the metric occurs when community volume is high and there is a clear average sentiment (positive or negative).

Source: Santiment/X

According to Santiment, weighted sentiment towards Bitcoin recently reached its most bullish level since January, triggered by the recent price surge. The last time such bullish sentiment around a major cryptocurrency occurred was after the Securities and Exchange Commission approved BTC spot ETFs in the United States.

Interestingly, Bitcoin is not the only top twenty cryptocurrency currently enjoying positive sentiment. Sentiment data shows that the Chainlink token (LINK), which rose almost 20% in value last week, is seeing the most bullish sentiment in over a year.

While bullish sentiment is not necessarily a bad sign, FOMO (fear of missing out) can easily set in as a result, often leading to a price crash. Santiment noted in his posts that “keeping FOMO low” is necessary for a sustained rally in Bitcoin prices and a potential move to $70,000.

Bitcoin price at a glance

At the time of writing, Bitcoin is valued at $66,924, reflecting an augment of 2.3% over the last day. Moreover, the main cryptocurrency is up 10% on a weekly basis.


Bitcoin price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart from TradingView

Featured image from iStock, chart from TradingView


Leave a Reply

Please enter your comment!
Please enter your name here