New Crypto Market Data Indicates Bitcoin is Receiving Bullish Investor Sentiments Per Report
Even though many cryptocurrency analysts and investors were largely disappointed with the performance of Bitcoin and other major cryptocurrencies, new reports indicate that this could all change this year. New data has emerged indicating that many traders and investors alike are recording increased bullish sentiments over Bitcoin.
If these reports turn out to be factual, and BTC does, in fact, get to record a surge in its prices, it will be important for it to make sure that it surpasses its upcoming resistance levels. Some analysts have come out to predict that BTC will start to experience resistance once it has successfully clocked 5,000 dollars apiece.
Joshua Frank, TheTIE.io co-founder, recently spoke to Forbes about the growing sentiments. TheTIE.io is a cryptocurrency platform that has been pushing the new data about the growing cryptocurrency sentiments. According to the data that has mainly been obtained from social networking accounts, there has been a peak on Bitcoin’s daily bullish sentiments.
He went on to note that they started to collect the data on the fourth day of this year. According to him, the sentiments may have fallen a bit, but they have continued to remain positive. And based on the correlation between past bitcoin prices and prevailing sentiments, it is estimated that the prevailing sentiments can only lead to a more positive outlook down the line.
The sentiments put forward by Frank continue to reflect similar sentiments put forward by other known technical indicators. The data from these indicators have continued to remain positive for the last few weeks, which many enthusiasts are taking as an indicator of things to come in the next few months.
For instance, the DMI (Directional Movement Index) which is known for measuring the power of the selling or buying force after each crypto asset, has for the last few days taken a positive directional movement for BTC. This is an indication that the crypto asset has started to take on more growing pressure. This pressure may lead to a buying race in the coming weeks.
BTC In The Middle Of A Wide Trade Range
Even though current reports indicate that there is a bullish momentum for BTC, not all analysts are convinced that this is the reality in the ground.
There are those that seem to believe that the only thing happening is that BTC has been caught up in the middle of a wide trade range. If this was to turn out to be true, it would mean that the $5,000 mark would actually turn out to be a very strong resistance level for the crypto.
Mati Greenspan, another analyst also recently found himself caught up in the debate to discuss the BTC range. According to this senior eToro trade, the current position that is being defended by Bitcoin will not be very important psychologically. He believes that its actual range is between the three thousand and five-thousand-dollar mark, and not the four-thousand-dollar mark where it is stuck at the moment.