- Despite the influx of ETFs and the approval of Ethereum ETF by SEC, the crypto market faced a downturn.
- Traders foresee a rise in Bitcoin even as BTC fell to $67,000.
Despite Bitcoin [BTC] Spot Exchange Traded Funds (ETFs) witnessing inflows totaling $107.9 million on May 23, BTC seems to be facing a bearish trend.
Along with Bitcoin, major altcoins were also in the red, signaling a crypto bloodbath.
Analysts foresee a bullish trend for Bitcoin
Despite significant selling pressure, some traders expect a “huge increase” soon. Mags, a crypto trader, provided further analysis of BTC’s current price action.
Source: Mags/X
Jelle, an independent analyst, reiterated the same view and drew a pattern with BTC’s previous cycles, saying:
“Bitco is still following a similar path to 2016-2017. Once that 2021 ATH breaks, the king will be unstoppable. Bring on $100,000.”
Source: Jelle/X
What’s on the price front?
Contrary to widespread expectations of Bitcoin’s bull run, the leading cryptocurrency fell 3.71% at the time of writing, trading at the $67,000 level.
Despite BTC’s negative price action, key technical indicators such as the Relative Strength Index (RSI) remaining above the 50 level and the Moving Average Convergence Divergence (MACD) line above the signal line confirm the bullish sentiment.
Source: TradingView
Bitcoin’s Growing Investor Sentiment
In fact, during Anthony Pompliano’s recent stint live stream Together with Jack Mallers, founder and CEO of Strike, Pompliano questioned Mallers about the rationale behind Wall Street’s preference for Bitcoin over other assets.
To which Mallers replied:
“I think this is the best expression of fiat humiliation. It is the antithesis of fiat money. It it has no central bank, it has no government, monetary policy is fixed, supply is limited, it is everything fiat is not. And so, if your problem is fiat debasement, that can best be expressed through Bitcoin.”
He even went further and added:
“I think Bitcoin will reach the 250 to 1 million mark in this cycle.”
These exchanges suggest an impending bullish trend for Bitcoin, which was further confirmed by Augmento’s data on social media discussions.
In conclusion, with a BTC sentiment score of 0.792 on the Augmento scale, where 0 is extremely bearish and 1 is extremely bullish, the latest data indicates a prevailing bullish sentiment for Bitcoin.
Source: Augmento/X