Santiment has published a new analysis regarding the Bitcoin price prediction that assumes two scenarios.
In the first one, the price could return to quota 10.000$ in the next few days, while in the second one it would be instead directed toward 15.000$.
Two and half days from the brief overcoming of $14.000, for the first time since January 2018, many traders continue to be positive after having shifted from bearish to bullish sentiment with the overcoming of $13.000 a week before.
According to Santiment, FOMO (Fear Of Missing Out) probably played a role in driving the price of Bitcoin between October 23rd and 31st, when it exceeded $14,000.
In fact, it would have generated a new income of capital and an increase in activity, inducing many technical analysis traders to rejoice for this new peak, higher even than the $13,700 touched 16 months ago, on June 26th, 2019.
The price of Bitcoin would now be on a “slightly more reasonable” level, to the point of being able to hypothesize both a continuation towards the 15.000$, and the possibility that it could also reach again the historical maximum levels 20.000$ touched on December 17th, 2017.
The reasons for Santiment’s Bitcoin price predictions
These two hypothetical levels, $15,000 and $20,000, could be considered as resistances to be tested.
However, in analyzing the fundamental metrics, Santiment argues that the price has risen a bit too steeply lately than the numbers suggest.
That is, if it had been healthy and organic growth, they assume that growth in recent weeks should have been lower.
In fact, let’s not forget that we are talking about +30% in just 20 days, and although such an event is not particularly abnormal for BTC, the volatility of this asset often leads it to both rapid rises and rapid falls.
Nevertheless, Santiment admits that the behaviour of the price of bitcoin is often irrational and inorganic, therefore it does not consider at all impossible a return to 20.000$.
In reality, after having hypothesized the descent to $10,000, the only scenario that has really been analyzed in this report is the one that would foresee first the reaching of $15,000, and then perhaps even a test of $20,000.
In other words, Sentiment mentioned the hypothesis of a drop to $10,000 but does not seem to be taking it seriously.