By Alicia Maher
BTC’s price has been bouncing within a narrow range following the huge decline in its price earlier in the month. The bulls and the bears appear uninterested in pushing the price higher or lower. But the majority of a recently polled audience on Twitter is convinced that BTC won’t go as far as $29K before setting a new peak price.
Mooning Before The Gloom
Popular crypto analyst and trader, Pentoshi, launched a Twitter poll on December 19 to seek the opinion of his followers on whether BTC price will dip below $29K first or it would be bullish before reaching that price level. The poll results showed that many respondents believe that BTC will moon before dipping that far.
Pentoshi tweet. Source: Twitter
Even though the poll still has a few hours before it expires, the nearly 60% votes of the more than 25K agreed that the leading cryptocurrency would set a new peak price before dipping to $29K. As of this writing, BTC trades at about $45.89K. Its poor performance over the weekend didn’t help, and it has declined by more than 2.8% in the last 24 hours. Its dominance over the altcoins is about 38.7%, with the crypto market capitalization less than $2.29m.
Data Reveals Otherwise
While many remain optimistic about BTC price performance, the popular Fear & Greed index doesn’t make for good reading. The index indicates that BTC’s general market sentiment shows extreme fear.
Current BTC Fear & Greed Index. Source: Alternative.me
The index is popular for its almost accurate prediction of the general market sentiment. The index, which mainly reveals the BTC market sentiment, considers various factors such as social media reactions, volatility, and dominance.
Altcoins In The Red
Even though Pentoshi’s Twitter audience is largely crypto optimists, the wider crypto market has remained down in the last 24 hours, with some dipping by 3% and others declining by as much as 11%. ETH dipped by 4.5% but continues to bounce around the $3.8K range. Eth has fluctuated around the $4K levels over the past seven days.
The third-largest crypto (BNB) also lost almost 5.5% on Sunday and traded at about $514 as of this writing. Strangely, Ripple’s native token (XRP) is the only top ten cryptos in the green. It gained 2.5% in the last 24 hours and trades at $0.86. Revain leads gainers among the mid-cap altcoins after gaining 14% in the period mentioned above.
Like altcoins and BTC, the global stock markets, the Dow Jones, S&P 500, and Nasdaq are also not performing well. The decline in global share prices might result from fears regarding Omicron (the new COVID-19 variant).
Many European economies are already enforcing strict measures to prevent the spread of the COVID-19 variant. Despite the news that the Omicron is fast spreading among US cities, the Fed isn’t interested in offering any stimulus package like it did last year during the height of COVID-19. The disinterest is because the Fed is yet to contain the rising inflation caused by last year’s liquidity injection.