Crypto’s Potential Recovery Based on On-Chain Analytics
The director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, points out two key factors that could potentially trigger a turnaround in Bitcoin’s price:
Accumulation by Whales and Sharks
- Whales and sharks (holders of 10 to 10,000 BTC) have been accumulating and taking some profits recently.
- The market may continue to slide until whales resume accumulation or fear spikes significantly, prompting a reversal.
Impact of Market Sentiment
- FUD among crypto traders and investors can influence the market trend.
- Current correlation between crypto and the S&P 500, affected by Federal Reserve policies and inflation, implies a significant impact on crypto prices.
Quinlivan suggests that changes in the US stock market could lead to relief rebounds in the crypto market.
Market Correlation and Recovery Possibilities
- Current relationship between the S&P 500 and crypto market.
- Changes in the US stock market conditions may affect the crypto market positively if they stabilize.
Hot Take: Potential Turnaround for Bitcoin
Based on Santiment’s insights, the market could see a shift in sentiment and price for Bitcoin, driven by accumulation patterns and market correlations.
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