After reaching an all-time high of $73,737 in mid-March, the price of Bitcoin has failed to recover. maintain a high standard of vigor and strength. The leading cryptocurrency actually entered a new era with the April halving, but its price performance over the past few weeks has yet to reflect that.
However, Bitcoin has seen a stroke of fortune over the past week, with its price surpassing $67,000 for the first time in almost a month. Although the sentiment around the crypto market and its leader has not been particularly encouraging over the past few weeks, the recent bull rally appears to be leading to a change in this regard.
Can bullish sentiment push BTC price to $70,000?
According to a recent report According to on-chain analytics firm Santiment, cryptocurrency crowd sentiment has shifted towards Bitcoin following its latest rally above $67,000. This revelation is based on the Weighted Sentiment metric, which measures overall positive or negative sentiment towards a cryptocurrency.
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 number of discussions around an asset on social media.
Weighted feeling is a product of both sentiment score and social volume. And there is a significant change in measurement when social volume is high and there is a distinct average sentiment (positive or negative).
Source: Santiment/X
According to Santiment, Bitcoin’s weighted sentiment recently reached its most bullish level since January, triggered by the latest price surge. The last time sentiment around the leading cryptocurrency was this bullish was after the Securities and Exchange Commission. Approved BTC spot ETFs in the USA.
Interestingly, Bitcoin is not the only cryptocurrency in the top 20. enjoy a positive feeling at present. Sentiment data shows that the Chainlink token (LINK), which has increased in value by almost 20% over the past week, is experiencing its most bullish sentiment in over a year.
While bullish sentiment isn’t necessarily a bad sign, FOMO (fear of missing out) can easily set in, often leading to a price crash. Santiment noted in his articles that “FOMO staying low” is necessary for a sustained rise in Bitcoin prices and a potential move to $70,000.
Bitcoin Price at a Glance
At the time of writing these lines, Bitcoin is valued to $66,924, reflecting a 2.3% increase over the past day. Most notably, the leading cryptocurrency is up 10% in the weekly period.
Bitcoin price hovers around $67,000 on the daily timeframe | Source: BTCUSDT chart from TradingView
Featured image from iStock, chart from TradingView
