TL; DR Breakdown
- 60% of participants in a Twitter poll predicts Bitcoin will touch ATH
- The poll involved 25,000 participants
- Bitcoin’s Index is at extreme fear
Bitcoin has been recording a sideways swing in the market after the leading digital asset’s huge crash in early December. The bulls have tried to move the price upward without success, while the bears have also failed in their quest to move it below. However, a recent Twitter poll has shown that crypto traders in the microblogging platform believe that the digital asset is set for a prime jump to touch an all-time high before declining to $29,000.
The Twitter poll involved 25,000 participants
The Twitter poll was created by Pentoshi, an anonymous big wig in the crypto sector of the platform. In the Twitter poll, he asked users to predict the events that Bitcoin might pass through in the coming months. However, going by the Twitter poll results, most of the users believe that the digital asset will first witness a good time before going out to dish out heartbreaks to traders and investors with a declining run.
The poll was said to have involved an audience of about 25,000, with about 60% favoring a move for an all-time high while the remaining population predicts a declining run to $29,000. However, Bitcoin is presently trading close in a declining fashion of about 2.7%, with a price of $46,200 in the last 24 hours. Bitcoin has also seen its dominance figure in the market reduce drastically to 38%, with the entire market cap still locked at $2.3 trillion.
Bitcoin’s Index is at extreme fear
Although the result might presently have investors and traders in a happy mood, the on-chain metric of Bitcoin is showing another thing entirely. Going by Bitcoin’s fear and greed index, the digital asset is presently around the extreme fear index. The Index uses data studied from how users approach the market at a particular time to come up with the numbers and position of the market.
Also, the Index calculates various details like market cap and fuses them into its overall calculation. Even though the poll favors the crypto market, the market is still unresponsive in the last 24 hours. This is down to most of the tokens in the market witnessing losses of around 2% in the same time frame.