Santiment, an on-chain analytics startup, predicts that what cryptocurrency traders presently refer to as a bear market will soon come around and that prices for cryptocurrencies may even reverse course.
“Positive sign that crypto markets will rebound”
According to a tweet from Santiment, the primary factor in the likely recovery of cryptocurrencies may be the fact that cryptocurrency traders are now exhibiting FUD (an abbreviation for “fear, uncertainty, and doubt” that is common in the crypto field) and increasingly referring to the present situation as a “bear market.”
The Santiment team emphasised that significant price increases in cryptocurrencies have traditionally followed intense FUD displayed by traders and other market participants.
Bitcoin rebounds, driven by this factor
The most popular cryptocurrency in the world, Bitcoin, saw a modest increase of 2.47% over the previous day, rising from $25,831 to the $26,470 region, where it is currently trading.
Earlier today, Santiment tweeted that the recent aggregation of medium and big investors—also referred to as sharks and whales on the market—was the cause of Bitcoin’s recovery.
Santiment reports that over the previous week, they have collectively spent $308.6 million on Bitcoin purchases. There are currently 156,600 wallets available, each holding 10 to 10,000 bitcoins.
