Bitcoin Sentiments Bullish On-Chain Indications
Santiment, a leading blockchain intelligence platform, has recently provided insights pointing to a favorable short-term scenario for Bitcoin (BTC). These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out.
Positive Outlook Supported by Active Bitcoin Addresses
Santiment’s recent post revealed a positive narrative for BTC’s immediate future. One of the key metrics supporting this bullish outlook is the significant number of active Bitcoin addresses. An increase in active addresses can indicate enhanced adoption, investor interest, and overall network health. Furthermore, a surge in previously dormant tokens moving actively hints at renewed trader interest. Santiment considers this activity as often coinciding with bullish trends, making it an essential metric to monitor.
surged by more than 80% in the past week. The meme coin has soared from a low of $0.00000650 seen last Friday to as high as $0.00000118 at the time of writing. Following the recent increase in price, PEPE is currently down 1.1% in the past 24 hours.
Furthermore, in what seems to complement Neuner’s proposed indicator, Bitcoin has seen quite a notable retrace from its recent spike above $35,000. The asset currently trades at $33,620 at the time of writing down by 1.1% in the past hour.
Featured image from ShutterStock, Chart from TradingView
Hot Take: Possible Contrary Move for Bitcoin?
Santiment’s insights suggest a positive short-term scenario for Bitcoin based on active addresses and other metrics. However, there are hidden signals indicating a possible contrary move. It is important to consider all available information and monitor the market closely before making any investment decisions. The recent surge in PEPE’s price and Bitcoin’s retrace from its spike above $35,000 demonstrate the volatility of the crypto market. Stay informed and stay vigilant to navigate the ever-changing landscape of cryptocurrencies.
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