Crypto sentiment drops even as Bloomberg says Bitcoin will hit $ 400,000

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Analysis firm Santiment reports that cryptocurrency sentiment has fallen to near record highs for 2021 – even as some experts double Bitcoin’s $ 400,000 price target.

Sentiment dipped after Bitcoin fell below $ 60,000 to its current price of $ 56,300 and Ethereum fell below $ 2,000 this week, according to Santiment. Ether is currently trading at $ 1.986

But other analysis platforms show a less compelling change with the crypto-predictive data platform Augmento, seeing sentiment slide from “ bullish ” to “ slightly bearish. ” The Alternative Crypto Fear and Greed index shows almost no change, with the counter still clearly “greed”

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Alternative index of fear and greed. Alternative to source

Yesterday’s sell-off, which saw the entire cryptocurrency market cap briefly drop below $ 1.8 trillion before leveling off around $ 1.9 trillion, doesn’t seem to bother seasoned analysts. Quantum Economics founder Mati Greenspan said in his April 8 bulletin that the drop “occurred on relatively low volumes.”

Bitcoin price, actual volume and difficulty. Source: Messari

He noted that Bitcoin miners seem to have not even noticed the drop with the network’s hash rate hitting a new all-time high of 179 million exhashes, adding that “miners are hoarding Bitcoin right now instead of it. resell on the market. ” This is often taken as a sign that they expect higher prices.

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History suggests BTC is just getting started

Posted on April 5, a report from Bloomberg intelligence strategist Mike McGlone predicted that Bitcoin could approach $ 400,000 soon based on Bitcoin’s latest bull runs, adding:

“In September, the 180-day volatility on crypto was the all-time low of October 2015. From the average price for that month, Bitcoin rose a little over 50x to peak in 2017”

While it does not give a specific time frame for reaching that peak, the report specifies that in the next quarter the price is likely to “break through the resistance of $ 60,000 and head towards $ 80,000.”

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Bitcoin “Ecoinometrics” analysis account tweeted that historically, the price of BTC has exploded between 300 and 350 days compared to the previous halves. We are currently 329 days away from the last halving. If it goes like the previous halves next May, the price of Bitcoin will exceed $ 700,000 … or fall well below $ 40,000.

Bitcoin price prediction. Source: Twitter