While Bitcoin (BTC) continues its sideways movements below $20,000, the narrowing in price signals that a big boom is approaching.
While investors who are inside altcoins expect the boom to be on the upside, investors looking for the bottom are on their toes to consider a final drop.
Following large Bitcoin transactions as the market continues its sideways movements Whale Alert, He shared that 48,000 BTC were swapped in four consecutive transactions.
It is unknown whether these Bitcoins are related to a major buyout deal or an internal transaction of exchanges.
Although the reason for this movement, which is worth approximately 1 billion dollars, is unknown, bitcoin Considering that the hash rate made a new ATH and the price remained low, it was considered a sign of recovery.
In many of our previous analyzes bitcoin We transferred the bottom signal of popular on-chain indicators.
As these metrics keep approaching the bottom signal centimentfrom BTC There was a comment that could be considered positive.
Santiment, who shared on his social media account, said:Bitcoin’s long-term indicators are signaling an encouraging reversal even though the price remains low. “ said.
When we look at the chart shared by Santiment, we see that a similar movement occurred at the end of the 2018 bear market in the loss chart on the network, and that Bitcoin entered an intermediate upward phase from $ 3,000 to $ 14,000 in 2019.
📊 #Bitcoin‘s long-term metrics have shown encouraging signs of a turnaround for a few months now, despite prices being stuck in the mud. Our latest insight touches on the network’s losses, & the low discussion rates while #altcoiners look for quick pumps. https://t.co/daOG9rwszg pic.twitter.com/Q9QCZe7lnY
— Santiment (@santimentfeed) October 17, 2022
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