With the BTC price, investor sentiment also bottomed out

According to analyst firm Santiment, crypto sentiment has dropped to almost the lowest levels in 2021, although some experts think the BTC price will rise to $ 400,000.

Santiment announced that sentiment dipped with BTC falling below $ 56K at $ 60K and Ether falling below $ 2K.

Other analysis platforms show that there has not been such a change in sensitivity. According to crypto data platform Augmento, sentiment has shifted from “bullish anticipation” to “slightly lower anticipation”. The Crypto Fear & Ambition Index, on the other hand, shows that there is almost no change and the sensitivity is still at the level of “ambition”.

Crypto Fear & Ambition Index. Source: Alternative

The sales that took place yesterday, which caused the value of the cryptocurrency market to drop below $ 1.8 trillion for a short time, do not seem to worry expert analysts. Mati Greenspan, founder of Quantum Economics, said in a statement dated April 8 that the decline was experienced by “relatively low volumes”.

Bitcoin price, actual volume, and difficulty. Source: Messari

Greenspan said that Bitcoin miners may not have even noticed the drop because the hash rate rose to a record 179 EH / s. “Miners are saving right now instead of selling Bitcoin.” This usually means they expect higher prices.

Based on previous bull markets, Bitcoin could reach $ 400k soon, Bloomberg Intelligence Strategist Mike McGlone said in his report published on April 5:

“The 180-day fluctuation of cryptocurrency in September coincided with its all-time volatility in October 2015. Bitcoin has gained 50 times in value since that month and peaked in 2017. “

Although McGlone has not given time to determine when this peak will appear, it seems likely that the BTC price will break through the 60k resistance in the next quarter and advance to $ 80k, according to the report.

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