70% believe Bitcoin has yet to bottom out, according to a poll on twitter
Bitcoin has yet to hit its annual bottom, at least according to a recent Twitter poll. Despite the 80% rise from the March 13 low of $ 3.700, most still anticipate further price drops in the future of BTC. March 2020 has been quite volatile for Bitcoin and the entire crypto market.
The main digital asset had a monthly high of $ 9.200 before the coronavirus effect wreaked havoc on all markets. In just one week, BTC fell to $ 3.700 on various exchanges, but managed to rally since then and is now trading at $ 6.600. Although the current level appears substantially higher, a recent survey reveals that the community is still skeptical of upcoming Bitcoin price developments.
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Bitcoin vs sentiments
According to the data, only 31% of voters believe that BTC has already bottomed out. In contrast, 69% predict that it will go below the $ 3.700 mark. Furthermore, 33% of them even anticipate that Bitcoin will be below $ 3.000. Interestingly, the last time the largest cryptocurrency found itself below $ 3k was in August 2017, before the parabolic surge in price.
The outbreak of COVID-19 brought severe times of uncertainty, panic and doubt, which ultimately led to massive sales in all financial markets. As world leaders and healthcare organizations, unfortunately, they are not close To contain and stop the virus, more sales are expected, as people need cash during these difficult times.
With this in mind, it is plausible that investors will continue to sell their BTC holdings, which could further reduce the price. It is also worth noting that the general sentiment in the community changes as fast as the price of Bitcoin moves. Most people follow the trend, but that does not mean that they are necessarily correct, quite the opposite.
