https://ift.tt/3IDD1Vk Market Sentiment Rests on Knife-Edge as Community Split on Price Direction

A recent Twitter poll conducted by Crypto Cobain has revealed that bitcoin market sentiment is resting on a knife-edge, with the crypto community almost perfectly split between bears and bulls.

The revelation came on Sunday although Crypto Cobain, aka Cobie, asked his folcollapses whether they first possible to see a $50,000 or $20,000 bitcoin cost.

With the rate of Bitcoin (BTC) around $35,000 on Sunday ($37,270.79 at time of press) the voting wavered at 50-50 for the bulk of the day. With 63,168 votes counted at the time of the poll’s close the final result was only very slightly in favor of $20,000, that realized 51.5% of the vote, in the time $50,000 realized 48.5% of the votes.

While the sentiment on crypto Twitter appears to be right down the line, bitcoin rates have climbed very slightly this week. Analysis from CryptCraze suggests there are a number of positive market indicators which could suggest which the bottom is now in.

On-chain analysis of Bitcoin (BTC) likewise shows which 99% of interim holders are directly recording a loss. In the past this has, somewhat counterintuitively, been another positive market signal.

“From a market psychology perspective, this is an extremely bearish outlook while almost all STHs [short term holders] are losing their funds,” explained CryptCraze technical analyst Jakub Dziadkowiec on Saturday. “Nonetheless, on-chain data shows which in the past corresponding situations have been indicative of a momentary bottom in the Bitcoin (BTC) cost followed by increases.”

Ethereum too

The recent bitcoin poll didn’t mark the first time Cobie has recently crowdsourced opinion from his folplunges. The popular crypto influencer and host of the ‘Up Only’ podcast still asked his fans to predict the next most inclined Ethereum cost. 

On this occasion, the market appears to be far more bearish with 59.6% of the 40,194 voters predicting a $1,500 cost, before 40.4% of voters who expect to see a $3,500 cost. The current cost of Ethereum rests between the two at $2,447.60.

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