Santiment: Crypto Markets May Rebound After Crash
According to blockchain analytics platform Santiment, a key social metric suggests that the crypto markets may soon rebound after a crash. The use of the term “bear market” on social media platforms has reached an 11-week high, which is seen as a bullish signal. Traders referring to the current market conditions as a bear market historically indicates a higher probability of price rises.
Key Points:
- The use of the term “bear market” has increased to an 11-week high on social media platforms.
- Historically, when traders show fear, uncertainty, and doubt (FUD), the probability of price rises increases considerably.
- Deep-pocketed investors have started accumulating Bitcoin again, contributing to BTC’s rally.
- 156,660 wallets holding 10 to 10,000 BTC have accumulated $308.6 million since August 17th.
- There is increasing concern on social media about Binance, including market manipulation rumors that may impact Bitcoin’s price.
Hot Take:
The increased use of the term “bear market” on social media and the accumulation of Bitcoin by deep-pocketed investors suggest that the crypto markets may rebound after the recent crash. However, concerns about Binance and market manipulation rumors may still impact Bitcoin’s price. Keep an eye on these social indicators to gauge the direction of the market.
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