- Bitcoin’s $70,000 surge seems like a dream as prices and social standards fall.
- Michael Saylor’s optimism clashes with market uncertainties.
Amid widespread expectations, Bitcoin [BTC] rose to $70,000 on May 27, but retreated to $68,101 within 24 hours. This downturn has led to significant FUD (fear, uncertainty and doubt), as noted by trader @EmperorBTC in his recent X-post.
Source: Keizer/X
This was further confirmed by AMBCrypto’s analysis of Santiment’s social volume and dominance data, which showed a decline in both metrics.
Source: Santiment
Managers weigh in…
Shedding light on the same thing, crypto analysts Wolf went to X and noted:
“$BTC dominance will not reach 70%, nor will it reach 60%. It has topped out and is heading lower, driven by the strength of $ETH, which will kickstart the highly anticipated Alt season.”
Source: Wolf/X
This raises a pertinent question: will the BTC hype start to wane with the adoption of the Ethereum ETF?
Maximalist according to Bitcoin Michael Saylor, the answer is “no,” as seen in his recent post on X (formerly Twitter). He said,
“Is this good for Bitcoin or not? It’s good for Bitcoin. In fact, it may be better for Bitcoin because we are much more powerful politically, backed by the entire crypto industry.”
Is Saylor overly optimistic?
However, because the numbers paint the opposite picture, Saylor’s PoV seems overly optimistic. Making the same comment on this, ‘The Bitcoin Therapist’ in his X post he noted:
“This does not in any way mean that he is always right. For example, he was proven wrong that #Bitcoin is the only crypto ETF.”
This was further reinforced by Barchart’s analysis that BTC is plummeting to levels not seen since May 24.
Source: bar chart/X
Just a matter of time!
Despite the prevailing negative sentiments, another trader, Daan Crypto Trades had a completely different angle to share. He noticed,
“$BTC has done nothing this cycle other than reach a range comparable to previous consolidations. Below we had one small deviation, which was quickly resolved.”
Source: Daan Crypto Trades/X