Bitcoin: 2023 Bull Run is Almost Certain – Santiment
A prominent analytics firm has indicated that the ongoing negative perception surrounding Bitcoin (BTC) and the wider crypto market may actually increase the chances of a bull run in 2023.
Santiment believes that a growing number of traders are now convinced that prices will fall this month, which often leads to unexpected outcomes.
The firm highlights a negative sentiment among Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE), and Solana (SOL) in particular.
According to Santiment, “when too many people believe the market will go in one direction, a surprise is often in store,” and “trader skepticism improves the probability of prices rising further.”
The firm also notes the growing strength in Bitcoin’s fundamentals, with an increasing number of traders choosing to self-custody their Bitcoin, currently totaling over $416.5 billion.
READ MORE: Bitcoin: Analyst Predicts Bullish Continuation – Here’s Why
Only $29.2 billion in BTC are left on exchanges which can be a very bullish signal.
At the time of writing, Bitcoin is valued at $22,970 but has fallen 1.39% in the past 24 hours and over 3% in the past seven days.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
