While bitcoin has been in a sideways channel for a long time, market experts expect a strong rise and a bullish rally.
The research company Santiment claims that bitcoin could already have risen significantly, if not for the attempts of market manipulation and the “FUD trap” (Fear, Uncertainty, and Doubt), that is, the creation of a negative news background around BTC. Analysts at Santiment studied the market situation and noticed that sentiment turned negative after BTC failed to consolidate above $11K level. According to the researchers, the asset demonstrates its biggest drop when the crowd falls into the FUD trap. Since the beginning of September, this is exactly what has been happening, both for bitcoin and ETH and the entire market. Santiment studies public sentiment with artificial intelligence and machine learning, using a large dataset of over 1.5 million tweets on crypto-related topics. According to the Sentiment model, asset price recovers when traders are already pessimistic under pressure from the crowd. Now, this is happening. This means a bullish rally in Bitcoin is on the horizon.
Some analysts agree with these findings but they rely on their observations. And their forecasts differ in the short term. A trader with the nickname Bitcoin Jack believes that those who short (sell) BTC right now may benefit slightly as the fall continues. And that the bottom has not yet arrived.
This is what Michael van de Poppe, a trader at the Amsterdam Stock Exchange, says. According to him, bitcoin is likely to crash to $9,600. And you better buy it at that price. However, if BTC breaks up the $10800 level, then there will be no crash:
A potential scenario I’m watching.
Invalidated if we break above $10,800. pic.twitter.com/JgmB7fjdzM
— Crypto Michaël (@CryptoMichNL) September 21, 2020
Bitcoin could get new growth momentum due to the new DeFi platform called Harvest. The platform allows investors to make money by lending their digital assets. Harvest makes it possible to make money on leading cryptocurrencies, including bitcoin. This way of earning money is now very popular and is called “yield farming” because it resembles growing crops. Some DeFi platforms for yield farming allow you to transfer money to fast-growing projects. Harvest has focused on coins that do not grow rapidly but have a large capitalization. The platform runs on its own Kava blockchain with a native token HARD. Brian Kerr, founder, CEO of Harvest, has announced that all services will be up and running by the end of the year. If this is true, then this will affect positively on the prices of assets the platform works with, including BTC.