Bitcoin Market Sentiment Rests on Knife-Edge as Community Split on Price Direction

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In Brief
  • Bitcoin bears and bulls are evenly split, at least on crypto Twitter.

  • Bears slightly edged the vote by 51.5% of the vote compared to 48.5% for bulls.

  • Technical analysis conducted by BeInCrypto suggests the bottom could now be in.

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A recent Twitter poll conducted by Crypto Cobain has revealed that bitcoin market sentiment is resting on a knife-edge, with the crypto community almost perfectly split between bears and bulls.

The revelation came on Sunday when Crypto Cobain, aka Cobie, asked his followers whether they first expected to see a $50,000 or $20,000 bitcoin price.

With the price of BTC around $35,000 on Sunday ($37,270.79 at time of press) the voting wavered at 50-50 for the bulk of the day. With 63,168 votes counted at the time of the poll’s close the final result was only very slightly in favor of $20,000, which captured 51.5% of the vote, while $50,000 captured 48.5% of the votes.

While the sentiment on crypto Twitter appears to be right down the line, bitcoin prices have climbed very slightly this week. Analysis from BeInCrypto suggests there are a number of positive market indicators which could suggest that the bottom is now in.

On-chain analysis of BTC also shows that 99% of short-term holders are currently recording a loss. In the past this has, somewhat counterintuitively, been another positive market signal.

“From a market psychology perspective, this is an extremely bearish outlook when almost all STHs [short term holders] are losing their funds,” explained BeInCrypto technical analyst Jakub Dziadkowiec on Saturday. “However, on-chain data shows that in the past such situations have been indicative of a short-term bottom in the BTC price followed by increases.”

Source: Twitter

Ethereum too

The recent bitcoin poll didn’t mark the first time Cobie has recently crowdsourced opinion from his followers. The popular crypto influencer and host of the ‘Up Only’ podcast also asked his fans to predict the next most likely Ethereum price. 

On this occasion, the market appears to be far more bearish with 59.6% of the 40,194 voters predicting a $1,500 price, before 40.4% of voters who expect to see a $3,500 price. The current price of Ethereum rests between the two at $2,447.60.

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Robert D Knight is a journalist and copywriter who has specialized in crypto for over four years. His varied experience includes freelancing, in-project contracts, agency work, and PR, giving him a holistic view of the blockchain industry.

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