BlockchainAnalysis company Santiment stated that due to an important factor, Bitcoin (BTC) may soon rise. This is a bold report from a popular analysis company!Bitcoin may reach $30000!This leading analysis platform claims that Bitcoin has received significant attention on two major cryptocurrency exchanges, which could lead to short-term consolidation and push Bitcoin above $30000
BlockchainAnalysis company Santiment stated that due to an important factor, Bitcoin (BTC) may soon rise. This is a bold report from a popular analysis company!
Bitcoin may reach $30000!
This leading analysis platform claims that Bitcoin has received significant attention on two major cryptocurrency exchanges, which could lead to short-term consolidation and push Bitcoin above $30000. Santimente declares as follows:
Bitcoin investors are actively shorting Deribit andBinanceThis increases the possibility of potential liquidation leading to price increases. Since last week when short positions began to increase, BTC prices have risen by 4%. The likelihood of this trend continuing is quite high.
When investors borrow tokens at a certain price and hope to sell them at a lower price, they are forced to repurchase the borrowed assets due to unfavorable momentum, leading to further increases and short selling.
Santiment also claimed that with leading cryptocurrencies breaking through the $27000 level this month, Bitcoin network activity has also increased. The analysis company emphasized the following points:
Since April, Bitcoin's on chain activity has remained significantly high. The effectiveness is quite high, yesterday the third largest event day in nearly three months occurred. The support level of $27000 seems to be polarized.
Reduced whale activity in stable currency
In addition, the analysis company pointed out that it closely monitors the amount of stable currency held in investors' wallets. According to Santiment, the potential rise after a period of decline may indicate the upward trend of Bitcoin. The company declares as follows:
Whales are reducing their holdings of stable currency, indicating that their purchasing power is not as strong as when Bitcoin broke through $30000 in June. The current holdings are at their lowest level in the past six months. Whale wallets worth over $5 million are expected to start increasing again as a sign of a comeback.
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