The previous week was somewhat of a bloodbath for Bitcoin [BTC], as its value dipped below the $56k mark, but the scenario changed...
as its value dropped below $56,000 on the charts. The FUD around the cryptocurrency fueled speculations, with many expecting BTC to fall even further down.
This seemed to be the case as well as historically, whenever such deviations have happened, BTC’s price has gained bullish momentum soon after.The possibility of BTC touching $100k in the coming weeks is high now, especially since the coin’s network-to-value ratio dropped – A sign that the coin may be undervalued.Since the chances of a bull rally seem to be high, this might be the right opportunity for investors to accumulate BTC.
The fact that selling pressure on BTC was high was further proven by its exchange inflow, which spiked multiple times in the last seven days.Here, it is interesting to note that the hike in selling pressure didn’t have a negative impact on market sentiment. AMBCrypto’s analysis of Santiment’s data revealed that BTC’s weighted sentiment hiked, suggesting the dominance of bullish sentiment.
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