Bitcoin

Bitcoin Will Hit New ATH Only After This Changes: Santiment

1 Mins read


On September 27, bitcoin (BTC) reclaimed a trading price of $66,500 for the first time since late July. This surge was accompanied by bullish sentiments from many investors.

Instead of going higher, the leading crypto asset has tanked below $64,000 at press time. Blockchain market intelligence platform Santiment shares insight into a possible reason behind bitcoin’s failure to unlock higher prices.

What Could Drive Bitcoin’s New ATH?

The chart below shows the rapid surge in positive commentary towards BTC after the asset unlocked a local high of $66,500. Santiment’s research showed that there were 1.8 bullish BTC posts for every 1 bearish. Most of these bullish comments leaned on the possibility of bitcoin reaching the $70,000 price mark.

According to Santiment, however, bitcoin could unlock the $70,000 mark if “the crowd slows down their own expectations.” The market intelligence firm added that market charts often move in the opposite direction from the crowd’s expectations. This implies that the market performance could turn green if most crypto participants leaned more toward a bearish outlook on BTC price movement.

BTC Drops Below $64K

After a weekend of a bullish green chart, the leading cryptocurrency has taken a downturn and is currently trading at $63,500. Earlier today, it sunk to $63,250, the lowest in the past four days.

Although no singular factor can be pinpointed as the driver behind bitcoin’s sudden price correction, an earlier CryptoPotato report hints that the upcoming speech from the Federal Reserve’s chair, Jerome Powell, may have contributed to the asset’s price movement.

Earlier this month, the Fed downsized its interest rate to a range between 4.75% and 5%. Later today, Powell is expected to discuss the interest rate cut in more detail.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



Source link

Related posts
Bitcoin

Crypto Remains 2024's Best Asset Despite Q3 Dip

2 Mins read
Even though the third quarter was tough, Bitcoin has been very strong in 2024, continuing to be the best-performing currency. A new…
Bitcoin

What Made Solana Memecoins The Cycle’s Top Narrative

2 Mins read
Este artículo también está disponible en español. During this cycle, Memecoins, especially Solana-based ones, became the leading narrative of the crypto market….
Bitcoin

Texas Mayor Ward Roddam Reveals How Bitcoin Resurrected Rockdale’s Economy

1 Mins read
Ward Roddam, mayor of the City of Rockdale in Texas, explained how the arrival of bitcoin mining revitalized the city’s economy. In…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *