Poll Suggests Bitcoin Price Is Currently Too Low, Here’s What That Means

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Poll Suggests Bitcoin Price Is Currently Too Low, Here's What That Means
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Most Crypto enthusiasts think that Bitcoin prices are lower than they should be, according to a survey conducted by Binance CEO, CZ, on his Twitter account.

Almost 65% of the 12,682 people who voted, consider that Bitcoin prices are below the real market price, a situation that could indicate a HYPE in the markets, like what happened in 2017 when Bitcoin reached its ATH, thanks to the general euphoria around the ecosystem.

Bitcoin began an impressive price rally after March 12 when all markets were plunged into a bloodbath. This day was dubbed as Black Thursday, and even though many assets and commodities have yet to recover, the King of all cryptocurrencies is reporting gains of over 150% in just one month.

Bitcoin is currently waiting for the halving event —where mining rewards will be cut from 12.5 to 6.25 BTC per block — so the whole crypto community has its eyes on this currency, as well as new investors looking for that deflation.

Despite the sentiment shown on the poll, many analysts believe that if history repeats itself and Bitcoin maintains its post-halving behavior, a new record in prices could be expected between July this year and January 2021.

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However, a short term bearish scenario could also occur if BTC falls below $8000, although this seems unlikely given the short term bullish conditions shown by the MACD and RSI, despite finding itself again struggling with $8800 support.

Currently, Bitcoin is showing the same charting and bullish trends as in late 2017, before starting its biggest rally ever, where it rose more than 2,000% in just a few months.

The current price of bitcoin is $8858 per coin, showing an increase during this week of more than 20%, even surpassing the barrier of $9,000 on April 28, which hadn’t been seen since late February, demonstrating the excitement and confidence that the community has for the halving that will happen in less than 9 days. 

The bullish sentiment that seems to have flooded the markets contrasts sharply with the pessimistic expectations of some major analysts, who were claiming prices of $5000 for April, and seeing their posts and even their accounts being expunged.

So… Do you agree with the CZ’s poll?


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.