- Bitcoin’s $70K surge looks like a dream as costs and social metrics decline.
- Michael Saylor’s optimism clashes with market uncertainties.
Amid widespread anticipation, Bitcoin [BTC] surged to $70,000 on the twenty seventh of Might, solely to retract to $68,101 inside 24 hours. This downturn has sparked important FUD (Concern, Uncertainty, and Doubt), as famous by dealer @EmperorBTC in his current X put up.
Supply: Emperor/X
This was additional confirmed by AMBCrypto’s evaluation of Santiment’s information on social quantity and dominance, which indicated a decline in each metrics.
Supply: Santiment
Execs weigh in…
Shedding mild on the identical, crypto analysts Wolf took to X and famous,
“$BTC dominance won’t reach 70%, nor will it reach 60%. It has topped and is heading lower, driven by $ETH strength, which will kickstart the long-awaited Alt Season.”
Supply: Wolf/X
This raises a pertinent query: With the approval of the Ethereum ETF, is BTC’s hype starting to wane?
Based on Bitcoin maximalist Michael Saylor, the reply is “no”, as may be seen in his current put up on X (previously Twitter). He stated,
“Is this good for Bitcoin or not? It’s good for Bitcoin. In fact, it may be better for Bitcoin because we’re politically much more powerful, supported by the entire crypto industry.”
Is Saylor excessively optimistic?
Nonetheless, because the metrics are portray the alternative image, Saylor’s PoV appears to be too optimistic. Commenting on the identical, ‘The Bitcoin Therapist’ in his X put up famous,
“This in no way means he is always correct. For example, he was proven wrong about #Bitcoin being the only crypto ETF.”
This was additional strengthened by Barchart’s evaluation that BTC is plummeting to ranges not seen because the twenty fourth of Might.
Supply: Barchart/X
Only a matter of time!
Nonetheless, regardless of prevailing detrimental sentiments, one other dealer, Daan Crypto Trades had a very totally different angle to share. He famous,
“$BTC Has done nothing but range similar to previous consolidations this cycle. We had one minor deviation below, which was quickly retaken.”
Supply: Daan Crypto Trades/X
