According to a recent poll conducted on Twitter, the Bitcoin (BTC) community anticipates the moon before the dark.
The price of Bitcoin has been swinging sideways since the catastrophic drop on December 4th, 2021. The bulls have so far failed in all attempts to recover, while the bears have also been unable to significantly drop the price.
However, a sizable portion of the market appears to believe that things aren’t as bad as they appear and that a new all-time high will be reached before the $29K lows.
Before $29K, there was an all-time high
On Sunday, Pentoshi, a well-known pseudonymous trader and a very popular member of the cryptocurrency community, conducted a poll on Twitter, asking the community if they think the Bitcoin price will hit a new all-time high or if $29K will come in first.
The majority of people who voted appear to believe that moong arrives before doom.
Although there is still time before the poll closes, the 25,000 votes already cast provide a very representative sample size. 60% feel we are on the verge of a new all-time high, while the remaining 40% predict the market will revisit the $29k lows seen in July.
The price is currently hovering around $46,200, having dropped 2.7 percent in the last 24 hours following another poor weekend. The total market capitalization is less than $2.3 trillion, with Bitcoin holding a 38.5 percent market share.
Is It Possible to Have Delusory Optimism?
Although the poll results appear to be upbeat, real data from the well-known crypto Fear and Greed Index paints a quite different image. The meter is presently in Extreme Fear mode.
The index takes in feelings and sentiments from a variety of sources and converts them into a single number. It’s also worth noting that this data set is exclusive to Bitcoin and considers volatility, market momentum, social media mood, surveys, domination, and trends.
Despite the ostensibly favorable results of the aforementioned Twitter poll, the market continues to fluctuate, with the bulk of cryptocurrencies losing between 2% and 10% in the last 24 hours.