banner
Oct 14, 2018
4 Views
0 0

Cryptocurrency Market Sentiment is Looking up: Huobi Research

Written by
banner

 Cryptocurrency Market Sentiment is Looking up: Huobi Research

Huobi Research,TAGS: bitcoin


cryptocurrency investor optimism
OOZET

Bitcoin’s recent sell-off notwithstanding, cryptocurrency investors are beginning to grow more optimistic about the market’s short-term direction.

That’s according to the latest Market Sentiment Index Report from Huobi Research, which identified a slight uptick in investor optimism over the previous month. Released on Friday, the September report is based on from survey data compiled from Sept. 25 to Sept. 30 from 552 retail and institutional investors in 23 countries.

Overall market sentiment clocked in at 71.1 points out of a maximum of 100, representing a 2.17 percent increase over August. That index bump was bolstered by a 5.87 percent increase in investors’ medium-term cryptocurrency market outlook, with that index score currently standing at 72.8. The short-term index also increased, rising 2.16 percent to 61.6 points.

bitcoin price chart
BTC/USD | Bitfinex | Source: TradingView

This positive short-term market sentiment had been mirrored by many analysts who, as CCN reported, predicted that bitcoin’s decrease in volatility would eventually result in a major break to the upside.

However, following a moderate rally earlier this week, the bitcoin price once again bounced off its 200-day moving average (DMA), sinking approximately five percent in conjunction with reports that cryptocurrency exchange Bitfinex had halted fiat deposits (temporarily, according to the company). At present, the bitcoin price is holding slightly above $6,300.

Despite an increase in positive sentiment about the market’s short- and medium-term movements, the long-term index actually decreased 2.75 percent in September. Nevertheless, the long-term sentiment index is still 89.5, representing an overwhelmingly-bullish outlook.

bitcoin cryptocurrency outlook

According to the survey, a full 92 percent of investors expect the cryptocurrency market cap to increase over the next three years, with 74 percent signaling that they expect the increase to be greater than 30 percent.

Notably, Huobi Research found that Chinese investors were most bearish on the cryptocurrency market’s outlook, with respondents from this region being more than 10 percent more likely to expect a market decline than their overseas counterparts.

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

OOZET

Trade ON NOW – Bonus Coin and Private Signal For Oozet Members

Article Tags:
·
Article Categories:
Altcoin · Bitcoin · Blockchain
banner

Leave a Comment

Your email address will not be published. Required fields are marked *

Get Your Free Coins Every Month

ICO Giveaways offers for oozet Subscribers . Subscribe and get notify .