A Twitter poll conducted by early blockchain adopter and crypto supporter Alex Saunders shows the community believes the price of bitcoin will continue falling.
Bitcoin Community Reacts to Price Drop
According to the poll published Sept. 26, the vast majority of respondents believe that BTC’s price is in for further decline. Of the 910 votes conducted in the survey, 72% said they believe bitcoin is going lower, with the remainder saying that it would trade no further than the current valuation of around $8000.
Other community members have chimed in to claim that the poll results may actually prove bullish for bitcoin. Historically community sentiment in one direction, such as more price decline, has led to the markets moving in the opposite direction.
Normally when a vote is over 70% it’ll go in the opposite direction 👌— CryptoBrick (@brett_warnock) September 27, 2019
Enterprising analysts have used the contradiction of market sentiment to create a variety of indicators, such as the popular ‘Fear & Greed’ index for BTC. Such metrics have been used as a proxy for gauging the market entering the oversold or overbought territory. Considering the price of bitcoin plunged more than $2,000 over several days, it’s understandable some investors are predicting a positive correction for bitcoin.
Looking Long Term
While investors may be caught in bitcoin's short term price volatility, other analysts are turning to long-term predictions for the crypto-assets price. In a recent interview with Yahoo Finance, Ikigai Asset Management founder Travis Kling said he expects BTC to achieve a new all-time high within the next 18 months,
"Hard to say what happens between now and the end of the year...but it is our base case that bitcoin makes a new all-time high in the next 18 months. That’s twenty-thousand."
Hans Hauge, Senior Quantitative Researcher at Ikigai, also took to Twitter to outline six reasons to remain bullish on BTC despite the recent price correction.
I don't know what to tell you guys, from a fundamental perspective Bitcoin looks great. I guess it's back to HODLing!— Hans HODL (@hansthered) September 26, 2019
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