Bitcoin Investor Sentiment Witnesses Bullish Shift – BTC Price To $70,000 Soon?

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.
Although
the
sentiment
around
the
crypto
market
and
its
leader
has
not
been
particularly
encouraging
in
the
last
few
weeks,
the
recent
bullish
rally
seems
to
be
driving
a
shift
in
that
regard.

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.

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).

Source: Santiment/X

According
to
Santiment,
Bitcoin’s
weighted
sentiment
recently
hit
its
most
bullish
level
since
January,
triggered
by
the
latest
price
surge.
The
last
time
sentiment
around
the
premier
cryptocurrency
was
this
bullish
was
after
the
Securities
and
Exchange
Commission
approved
BTC
spot
ETFs
in
the
United
States.

Interestingly,
Bitcoin
is
not
the
only
top
20
cryptocurrency
enjoying
a
positive
sentiment
at
the
moment.
Sentiment’s
data
shows
that
the
Chainlink
(LINK)
token,
which
has
seen
its
value
swell
by
nearly
20%
in
the
past
week,
is
witnessing
its
most
bullish
sentiment
in
over
a
year.

While
a
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
did
note
in
its
posts
that
“FOMO
staying
low”
is
necessary
for
a
sustained
Bitcoin
price
rally
and
a
potential
move
to
$70,000.

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.

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

Featured
image
from
iStock,
chart
from
TradingView