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

$-139.6544

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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

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