Crypto Community Sentiment Still Bullish Despite BTC Trading 40% Lower Than Yearly High

Bitcoin proponents had a lot of expectations from 2020, given the impending Block Reward Halving and the expected bull run. The year started as per expectations as Bitcoin crossed the $10K mark in the first month itself. The traditional markets were falling but Bitcoin showed resistance, however, the outbreak of coronavirus led to chaos not just in the traditional market, but it also impacted Bitcoin’s price in the second week of March.

Bitcoin fell by almost 50% in one day, registering one of the biggest drops since its inception. Many believed that the drop was caused by panic selling while few others believe institutional investors liquidated their hedge in crypto to provide support in the traditional market. Whatever may be the reason, it seems the Bitcoin community is not fazed by the recent drop and is highly bullish on Bitcoin seeing another bull run and achieve its all-time high price.

Santiment, a behavior analytical platform looked into hundreds of social media posts related to cryptocurrencies to analyze the overall sentiment of the market. Santiment’s analysis suggests that on the day of the drop i.e 12th March the sentiment in the market was quite “volatile” too. Some of the investors shrugged off the drop and believed it served as a perfect opportunity for new entrants in the market who have been complaining about the price. While a few others called it Bitcoin’s doom where a few went on to predict a total collapse of the digital asset in the coming days.

Bitcoin made headlines outside the crypto-verse as well

While crypto Twitter is known for voicing opinions strongly, the price drop on March 12 seemed to have garnered attention even outside the crypto verse. Santiment analysis suggested that negative sentiment prevailed on different social medias like Reddit, most of whom have been naysayers predicting Bitcoin’s doom.

While the COVID-19 pandemic surely had its share of impact on Bitcoin right before the halving, it seems Bitcoin proponents are aware of the volatility. The analysis is evident that despite the massive drop Bitcoin community is still behind cheering on for it to succeed.

Bitcoin (BTC) Live Price

1 BTC/USD =$8,828.4526 change ~ -1.58%

Coin Market Cap

$162.32 Billion

24 Hour Volume

$7.31 Billion

24 Hour VWAP

$8.84 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Mysterious Entity that Caused the Bitcoin Network fees to Jump 146% in May

Bitcoin price has yet again taken a dive to $8,800, recording a drop of 4%. Meanwhile, Network Demand Score which is a metric incorporating network...

Ledger and Trezor Crypto Wallets Dismiss ‘Rumored’ Hack Through a Shopify Exploit

A hacker has allegedly compromised the databases of Ledger, Trezor, Keepkey and Shapeshift hard wallets in a Shopify exploit. These storages are considered to...

Tulip Trust Addresses are Used by Someone to Sign “Craig Wright is a Liar and a Fraud”

Some of the addresses that Craig Wright, who claims himself to be the pseudo-anonymous bitcoin creator Satoshi Nakamoto, has filed in the ongoing court...

Bitcoin Market Outlook: A Long Game Looking Bearish in the Short Term

Last week, the price of bitcoin dropped below $9,000 and has been trading under $9,300 throughout the week. On the weekend, we yet again dropped...

Institutional Investors Are Scooping Up All the Newly Minted BTC, Leaving Not Much Left to Buy

Over the last three months, Grayscale Investments bought up to 33% of all newly minted bitcoin. The asset manager continues to stockpile the world’s leading...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today