Bitcoin will reach the new ATH only after these changes: Santiment

On September 27, bitcoin (BTC) regained a trading price of $66,500 for the first time since late July. This increase was accompanied by bullish sentiments from many investors.

Instead of rising, the leading crypto asset has fallen below $64,000 at press time. Blockchain market intelligence platform Santiment shares insights into a possible reason for Bitcoin’s failure to unlock higher prices.

What Could Drive Bitcoin’s New ATH?

The chart below shows the rapid increase in positive feedback towards BTC after the asset unlocked a local high of $66,500. Santiment’s research showed that there were 1.8 bullish BTC posts for every 1 bearish one. Most of these bullish comments were backed by the possibility of bitcoin reaching $70,000.

If you’re waiting for Bitcoin’s new all-time high, you may have to wait until the crowd tempers its own expectations. Currently there are 1.8 bullish posts towards BTC for every bearish post. Historically, markets always move in the opposite direction of the crowd’s expectations. pic.twitter.com/ZxDxalgmzb

— Santiment (@santimentfeed) September 29, 2024

According to Santiment, however, bitcoin could unlock the $70,000 mark if “the crowd tempers its own expectations.” The market intelligence firm added that market charts often move in the opposite direction to the crowd’s expectations. This implies that market performance could turn green if most crypto participants lean more towards a bearish outlook on BTC price movement.

BTC drops below $64,000

After a bullish green chart weekend, the leading cryptocurrency has taken a tumble and is currently trading at $63,500. Today, it sank to $63,250, a four-day low.

While no singular factor can be identified as the driver of the sudden bitcoin price correction, a previous report by CryptoPotato indicates that the upcoming speech by Federal Reserve Chairman Jerome Powell may have contributed to the price movement of the asset

Earlier this month, the Fed cut its interest rate to a range between 4.75% and 5%. Later today, Powell is expected to discuss the interest rate cut in more detail.

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