Bitcoin has issued a bullish signal.

Kabir903

According to market intelligence platform Santiment, Bitcoin (BTC) has issued a bullish signal based on a historical factor.

In a new post, the cryptocurrency analytics company stated that the market's highest-valued cryptocurrency asset has surged nearly 150% since October, seemingly losing momentum. However, Santiment pointed out that historically, the more concern there is about BTC, the higher the likelihood of the market continuing to rise.

"Since October 15th, Bitcoin's price return has reached +144%, and is cryptocurrency still in a bull market? Well, according to crowd sentiment, that belief has significantly waned. Historically, a decrease in long-term bullish sentiment increases the likelihood of the market continuing to rise."

Due to the shift in sentiment regarding Bitcoin's outlook, Santiment suggests that Bitcoin bulls should support a bearish sentiment in the market.

"Since a significant correction three weeks ago, overall sentiment toward Bitcoin and the cryptocurrency market has been wavering. Even with Bitcoin's halving just two weeks away, trader sentiment reflects FUD (fear, uncertainty, and doubt) and bearish expectations. With Thursday's price temporarily rebounding above $69,000, bulls should support the general consensus to remain negative. Historically, market movements have gone against public expectations, so some of the best buying opportunities occur when most people don't believe a rebound will begin or continue."

Santiment goes on to say that the recent decline in BTC is believed by the market to be due to the government selling 10,000 BTC seized from the defunct online black market Silk Road. The cryptocurrency analytics company states that when crowds begin to worry about the seized Silk Road Bitcoin stash, Bitcoin prices often surge.

"After dropping below $65,000 two days ago, Bitcoin rebounded to above $69,000. According to most of the cryptocurrency community, the culprit behind the drop was the U.S. government authorities admitting to selling nearly 10,000 bitcoins confiscated from the Silk Road. Four more similar-scale sales are expected in 2024, causing great concern among traders. As we've seen, in 2024, crowd interest related to the Silk Road surged twice, both times foreshadowing nearly immediate surges in the cryptocurrency market. Markets tend to move in the opposite direction of public expectations, so if fear persists, further price increases are expected."

Pooja193

When you guys are bullish, it usually means a big drop is coming.

Nimmi373

I think a Bitcoin bull market is still quite normal.