Leading crypto analysis platform Santiment draws attention to ‘bull trap’ rumors in the market. However, one metric suggests that Bitcoin price will witness another rise, according to Santiment. Additionally, the analytics platform evaluates the future of Ethereum and Litecoin.
If FUD increases, it could push Bitcoin price to $50,000!
cryptokoin.comAs you follow from , green days are increasing in the market. This strengthens the claims that the bull market has started. However, there are also suspicions that this is a ‘bull trap’. Santiment points out the increase in “bull trap” phrases on social media platforms. He says this indicates that fear, uncertainty and doubt (FUD) is spreading for the crypto market.
However, the market intelligence firm says that periods following increased FUD tend to lead to a surge in prices for crypto assets, which could mean that Bitcoin price is on the verge of moving higher after a rally pause. In this context, Santiment makes the following statement:
Investors fear that crypto markets may currently be in a bull trap. But while Bitcoin may have stalled its momentum for now, Ethereum and altcoins are booming once again. If FUD increases, it could push BTC to $50,000.
Ethereum has more upside potential!
Santiment next looks at the leading altcoin, Ethereum. It draws attention to the fact that the largest crypto whales holding ETH outside exchanges are increasing their wallet sizes. This, he says, has further upside potential. According to the analytics firm, off-exchange Ethereum whales hold an all-time high of 54.6 million ETH worth $128.69 billion. In this regard, the analytics platform makes the following assessment:
Ethereum climbed towards $2,349, its highest level since June 2022. The long-term trend in which the largest non-exchange whale wallets are getting richer and the largest exchange whale wallets have less selling power is a promising combination for a continued climb.
Uptrend reversal possible for Litcoin
Finally, Santiment covers the peer-to-peer payment network Litecoin. He says the uptrend could reverse as wallets holding small amounts of LTC suddenly drop due to increased FUD. He explains his views on this subject as follows:
Approximately 199,000 wallets that held LTC 10 days ago no longer hold any coins. This is the biggest drop in wallets since October 2022. LTC’s market cap against BTC dropped -55% in five months. But FUD and the fall of small wallets could reverse this.
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