Bitcoin Could Hit $70,000 Driven by Positive Sentiment and ETF Inflows

After a week of notable gains, Bitcoin (BTC) reached its highest value in the last 30 days, touching the US$67,422 mark. This price, the highest recorded since April 13, signals a robust recovery for the most traded cryptocurrency on the market. This appreciation occurs at a time when Bitcoin shows signs that it could close the week with a 10% increase in its value.

Bitcoin’s recovery is being supported, in part, by the resumption of investments in BTC spot index funds in the United States. These ETFs have played a crucial role in positively influencing the cryptocurrency market, demonstrating institutional investors’ growing confidence in the digital currency.

Could Bitcoin Reach $70,000?

The prospect of an increase to US$70,000 gains strength with the recent analysis from Santiment, a renowned on-chain analysis company. Santiment’s report points to a significant increase in positive sentiment towards Bitcoin, reflected by the weighted sentiment metric.

This metric combines sentiment score, which assesses the community’s overall outlook on the asset, whether positive or negative, with social volume, which measures the amount of discussions about Bitcoin on social media platforms.

🥳 The crowd’s sentiment has shifted toward #Bitcoin after the surprise bounce above $66K Wednesday (and now above $67.2K). Additionally, #Chainlink is seeing its most #bullish sentiment in over a year. #FOMO staying low will help these rises continue. https://t.co/TcEPBdS9Oh pic.twitter.com/czvE1mOgId

— Santiment (@santimentfeed) May 17, 2024

The positive change in sentiment is particularly notable when the volume of discussions is high and there is a clear positive or negative consensus. “This indicator is based on two sub-metrics; namely sentiment score and social volume. The sentiment score metric checks whether the crowd is negative or positive towards the asset, while social volume tracks the total amount of discussion around an asset on social media,” explains Santiment’s report.

At the time of publication, the price of BTC was quoted at US$66,920.45, up 0.5% in the last 24 hours.

Disclaimer:

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