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Fundamental Analysis

Bitcoin (BTC) Bullish Metric Signals Potential Upward Trend – Santiment

Bitcoin (BTC) Bullish Metric Signals Potential Upward Trend – Santiment

Data from analytics platform Santiment suggests that a significant indicator currently shows a positive signal for Bitcoin (BTC), similar to the one observed in November 2022.

Santiment notes that the level of fear in the digital assets space, based on the popularity of crypto-related terms, resembles the period following the collapse of FTX last year, which ultimately marked the market bottom.

In November 2022, after the FTX collapse, traders expressed similar safety concerns. This period served as a turning point for the market. One prominent indication of fear is the prevalence of trending crypto keywords related to hardware wallets and security.

READ MORE: Best-Selling Author Robert Kiyosaki Sounds Alarm: Crash Landing Ahead

Santiment also observes increased social media discussions about Bitcoin as its price recently declined to the $26,000 level. This surge in chatter is seen as another signal suggesting a potential rebound for BTC in the near future.

With Bitcoin revisiting the $26,000 level, traders have heightened worries about prices dropping back to the $20,000 to $25,000 range. Additionally, there has been a significant rise in BTC’s social dominance, which typically indicates fear. These fear signals enhance the probability of recovery.

Lastly, Santiment points out that Bitcoin transactions have reached a low not seen since July 2021, approximately 22 months ago. During that period, Bitcoin hit a bottom of around $29,000 before surging to its all-time high of around $69,000.

Bitcoin is currently trading at $26,891, experiencing a 0.2% increase in the past 24 hours.

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.

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