Bitcoin [BTC], can it live up to the expectations? – Sentiment Analysis – April 16

Bitcoin [BTC] and Ethereum [ETH] had gained which resulted in these coin going above the $8000 and $500 marks but the momentum died out very soon. Except for Cardano [ADA] and Stellar [XLM], the only coins to have had a gain of 13.80% and 5% in the last 24 hours, all the other coin have not had much of gains. The prices of other coins have moved sideways rather than going up or down. At 10:49 AM UTC the market capitalization was at $327.151 billion which has not decreased below the $300 since the hike. However, the market capital had gone to $338 billion at 1:02 AM UTC today. It has come back to this level since the drop from this mark on 25th of March 2018. The cryptocurrency market has had a mixture of both gains and loss but over the last 7 days, the coins have had major gains.

Our sentiment analysis segment comprises of sentiments and expert opinions of people from around the world brought together in this segment. After interviewing a group of investors, miners, skeptics, analysts, influencers, their valuable comments are presented as it is in this segment. This segment is carefully structured in order to ensure that our readers get a wholesome picture. This analysis is focused on Bitcoin [BTC], which is currently on top of the cryptocurrency world.

Bitcoin [BTC]

After having moved sideways for some time, Bitcoin is back and above $8000. Bitcoin had peaked at $8500 yesterday at 11:20 UTC before it dropped down to $8300. At 11:15 AM UTC, the coin was seen to be trading at $8066.83 with a market capitalization of $136.980 billion. Bitcoin closed the week with almost 20% gains and above the $8000 mark which is an optimistic sign for the HODLers. Many influencers have come forward with predictions and the question right now is regarding the targets set for the coin and its ability to reach it in the given time. The coin had peaked at high levels but had retraced it just the way it went up. The resistance at $8400 and $8500 have to be broken by the coin to gain a bullish momentum which would take the coin to $8700 levels.

Andria Cox, an altcoin correspondent from Dallas says:

 “Bitcoin is observed to be following more or less the same pattern it followed in 2014. If this pattern continues, we can expect a major drop in the prices which would take it to $5000 levels. This is just an observation made by observing the similar patterns it followed in the year 2018 and 2014. This may or may not happen.”

Jacob Hall, a Bitcoin investor from Seattle says:

“The fact the Bitcoin has broken out of the downtrend channel is true and the markets look bullish as of now. But I’m not looking to buy into it as the market is still in the technical downtrend. I will invest in Bitcoin only if it breaks above the 1200 EMA and confirms the support. This will make me side with the bulls.”

Sam Anderson, a miner from Hamilton says:

“Bitcoin is evenly poised at the moment with equal chances for a bullish or a bearish breakout. For it to turn bullish, it has to break the $9000 mark and test the $11600 mark. If the price rejects the $8000 level, it may test the $5500 mark marking a bearish trend for the coin.”

To conclude, 67% of Bitcoin respondents feel bullish as there will be new investors to support the bulls as the tax regulation date is passed in the US. They feel that more people will start to invest in Bitcoin from now on. Another 33% of Bitcoin respondents are bearish and feel that the coin will drop considerably in the future.

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