“BITCOIN PRICE MAY SURGE AS FEAR AND UNCERTAINTY ENGULF GLOBAL MARKET “
Despite Bitcoin’s online sentiment being at a two-years low, analytics say that BTC may be on the verge of a breakout.
Globally, economy doesn’t seem to be in a good place right now, especially with countries such as the United Kingdom, France and Spain imposing fresh, new restrictions across their borders, thereby making the future financial prospects of many local business owners even bleaker.
As far as the crypto economy goes, on Sept. 21, Bitcoin (BTC) dropped by nearly 6.5% to the $10,300 mark after having stayed put around $11,000 for a few weeks. However, what is interesting to note this time around is the fact that the flagship crypto plunged in value simultaneously with gold and the S&P 500.
THERE IS MORE THAN MEETS THE EYE.
There have been a correlation in the price action of the crypto, gold and S&P 500 markets, but when compared with other assets such as precious metals, stock options etc, crypto has exhibited far greater volatility, according to Joel Edgerton, chief operating officer of crypto exchange bitFlyer. But one may ask;
COULD BITCOIN BOUNCE BACK?
Bitcoin suffered a rapid decrease in value, which is part of its most recent plunge. Bitcoin stopped at a price point of around $10,300, resulting in the currency’s social media sentiment slumping to a 24-month low. However, contrary to what one may think, according to data released by crypto analytics firm Sentiment, the good news is that BTC tends to see a big surge whenever online sentiment around it is hovering in FUD, i.e Fear, Uncertainty and Doubts territory.