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Bitcoin Jumps Back to $34,000 on Crowd Fear: Santiment

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Wed, 06/23/2021 - 12:25
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Yuri Molchan
Recent data provided by a popular analytics firm shows that Bitcoin FUD remains but so far BTC has jumped back to $34,000 on the crowd fear
Bitcoin Jumps Back to $34,000 on Crowd Fear: Santiment
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Santiment analytics team has tweeted that to jump back to the $34,000 level despite the massive FUD floating in the air, Bitcoin price has used the power of crowd fear and also followed a regular rule markets move by - failed to meet expectations.

Meanwhile, Bloomberg’s leading commodity strategist believes that “we see a more-enduring bull market”.

Traders ponder if Bitcoin will dive below $30,000 again

Santiment has tweeted that while traders’ opinions whether Bitcoin may drop under $30,000 again have split, FUD (fear, uncertainty, doubt) remains on a high level.

Bitcoin’s move back to the $34,000 level after hitting $28,000 was made on crowd fear, company analytics team stated, since markets tend to move opposite to where the crowd expects them to move.

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Related
Bitcoin Recovers to $34,000, While Ethereum Is Back Above $2,000

“Bitcoin’s $30,000 is similar to $4,000 one-two years ago”

Chief commodity expert of Bloomberg, Mike McGlone, believes that the price level Bitcoin is holding by at the moment - $30,000 – could be similar to $4,000 in 2020 and 2019.

In March last year, Bitcoin dropped below $4,000 for a short while, losing about 50 percent of its value in just twenty-four hours.

Following both March 2020 and March 2019, when Bitcoin was exchanging hands at approximately $4,000, BTC started to rally, ultimately coming to the $13,000 peak on 26 June in 2019 and to the $27,000 high on December 28 in 2020.

The latter exceeded the ATH of $20,000 hit in December 2017 prior to the start of the “crypto winter” that lasted about two years.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.