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Home»ALTCOIN NEWS»Bitcoin in a bull trap? Santiment says one catalyst could trigger BTC to resume its upward trend and surge higher.
ALTCOIN NEWS

Bitcoin in a bull trap? Santiment says one catalyst could trigger BTC to resume its upward trend and surge higher.

By Crypto FlexsDecember 9, 20233 Mins Read
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Bitcoin in a bull trap?  Santiment says one catalyst could trigger BTC to resume its upward trend and surge higher.
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Santiment, a prominent cryptocurrency analysis platform, says there is one indicator that Bitcoin (BTC) could be on the verge of another bull run.

Santiment says: Increase “Bull trap” mentions on social media platforms indicate the spread of fear, uncertainty and doubt (FUD) about the cryptocurrency market.

However, the market intelligence firm says that periods following an increase in FUD tend to lead to price surges for cryptocurrency assets, which could mean Bitcoin is on the verge of an uptick after the halt in its rally.

“Traders are currently fearful that the cryptocurrency market could fall into a bulltrap. But while Bitcoin may have stalled its momentum for the time being, Ethereum and altcoins are experiencing explosive growth once again. “Increasing FUD could push BTC to $50,000.”

Source: Santiment/X

Bitcoin is trading at $44,198 at the time of writing, up 1.7% in the last 24 hours.

Next, Sentiment Called Ethereum has more upside potential as the largest cryptocurrency whales holding ETH on exchanges increase their wallet sizes. According to the analytics firm, non-exchange Ethereum whales hold an all-time high of 54.6 million ETH worth $128.69 billion.

“Ethereum rose to $2,349, its highest level since June 2022. The long-term trend of the best non-exchange whale wallets getting richer and the best exchange whale wallets having less selling power is a promising combo that continues. climb.”

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Source: Santiment/X

Ethereum is trading at $2,353 at the time of this writing, down slightly on the day.

Lastly, Santiment Called P2P payment network Litecoin could see a bullish trend reversal as wallets holding small amounts of LTC suddenly fall due to rising FUD.

“Approximately 199,000 wallets that held LTC 10 days ago no longer hold their coins. This is the biggest drop in wallets since October 2022. The market value of LTC relative to BTC is down -55% in 5 months, but FUD and small wallet declines could turn things around.”

video
Source: Santiment/X

Litecoin is trading at $78.21 at the time of writing, up 5.55% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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