Since its inception, Bitcoin has continued to have its share of ups and downs, like every cryptocurrency in the Blockchain space. Despite its astronomical success, the digital asset has faced its share of criticisms, as many analysts have continued to criticize the unstable nature of the asset.
However, the recent turmoils of the digital asset, which had seen its stall in price value, have started to witness more negative criticisms, as the cryptocurrency has fallen below $60K again. Surprisingly, crypto analytics company- Santiment has now reported that experts at Bloomberg believe that despite the volatility, the digital asset will reach $400k.
All do not share negativity around Bitcoin
The data report by Santiment confirmed that there is negativity around Bitcoin and its investors, as investors are getting frustrated with the asset’s inability to hit a new ATH. Santiment believes the loss of almost $4,000 in price value, which had now seen the asset trade below the $60K mark for the umpteenth time, is increasingly frustrating to investors.
On the other hand, Ethereum has also dropped below the $2,000 mark, as both leading cryptocurrencies have now remained stagnant for a while. However, according to Santiment, who has gathered data from other crypto analytics platforms, they believe that there is some form of optimism within the space. According to Santiment, the increase in sell-off, which saw the market lose $200 billion this week already, is one of the factors behind the Blockchain market’s slow pace.
The crypto analytics platform believes that there is an anticipation of buying-at-the-dip in the market, and the market is expected to hit the ground running after that occurs. Santiment also weighed on Bitcoin miners, who have reportedly been hoarding their earnings, as there is a general belief that market prices will go higher soon.
A bullish run soon?
Despite their record-breaking, improved hash rate, Bitcoin miners have started to custody their earnings on crypto exchanges, as against the usual method of sell-off. However, according to Santiment, Bloomberg experts have weighed in on the current situation of Bitcoin. The Bloomberg expert believes that the digital asset is poised to witness a massive increment in fortunes and will likely end the year on 400K.
The Bloomberg analysts had relied on prediction analysis of 2015 when Bitcoin’s price stalled for more than 100days but was followed by bullish returns after that. However, the Bloomberg experts believe that the Bitcoin market is preparing for a vast bullish return, as the next few weeks will be crucial.
Surprisingly, the words of these experts have been echoed by many analysts who believe that the cryptocurrency market will do more incredible things this year. Despite the economic turmoil of 2020, last year’s tail end was very bullish for many crypto assets as they continued to hit record-breaking prices. However, all hope is not lost, as many analysts believe that the market’s overall fortunes will turn around positively.