Bitcoin will receive new ATH only after this changes: Santiment

On September 27, bitcoin (BTC) regained the trading value of $66,500 for the first time since the end of July. This expansion was accompanied by a frenzy from many investors.

Instead of going higher, the leading crypto asset fell below $64,000 at press time. Blockchain market intelligence platform Centum shares insight into the reasons behind bitcoin's fall to unlock higher prices.

What Could Drive Bitcoin's New ATH?

The chart below shows the rapid rise in positive sentiment on BTC after the asset opened a local high of $66,500. Sentiment research shows that for every 1 bearish, there were 1.8 bullish BTC posts. Most of these bullish comments focused on the possibility of Bitcoin reaching the $70,000 price mark.

According to Sentiment, however, Bitcoin could open to the $70,000 mark if “the public lowers its expectations.” The market intelligence firm added that market charts often move in the opposite direction to what the public expects. This suggests that if most crypto participants have ordered a gloomy view of BTC's price movement, the market's performance could turn green.

BTC dropped below $64k

After a bullish green chart weekend, the leading cryptocurrency has declined and is currently trading at $63,500. Earlier today, it fell to $63,250, its lowest in four days.

Although no single factor is the driver behind Bitcoin's sudden price correction, an earlier CryptoPotato report suggests that the speech coming from Federal Reserve Chairman Jerome Powell contributed to the asset's price movement.

Earlier this month, the Fed lowered interest rates to between 4.75% and 5%. Later today, Powell is expected to discuss the interest rate cut in more detail.