It has recorded a nice rise since October, known as the rise month. Bitcoinrose from $27,000 to $44,700.
Meanwhile BTC While there are fluctuations in price, these fluctuations make investors nervous. At this point, the popular analysis platform centimeterexamined the factors and changing dynamics affecting the trajectory of Bitcoin and the broader crypto market.
Stating that the market has become exciting in the last few weeks, Santiment stated that the bulls and bears are fighting hard.
Bitcoin and Chainlink, Cardano, Solana and XRP Pointing out that all altcoins such as have recorded impressive rises in 2023 and especially in the 2nd half, Santiment examined how BTC and altcoins can perform afterwards.
Referring to transaction volumes, social volume and stock market supply at this point, Santiment said that some data point to an upward trend, while some data point to a horizontal and downward trend:
“Transaction volumes of Bitcoin and altcoins slowed down, especially last week. While Bitcoin’s trading volume surprisingly remained at its highest level since October, many altcoins actually experienced declines in volume.
This may be a reflection of the fear and uncertainty in the crowd and an indication that the FOMOers are gone. This may be a sign of an increase.
At the same time, we see that the social volume in Bitcoin reached its peak in the first week of December, and the social volume in altcoins increased in the following weeks.
While this situation is considered normal, it shows that BTC profits have been distributed to altcoins for one last bullish cycle.
The decrease in transaction volume and the change in social volume of BTC and altcoins does not necessarily mean that prices have peaked.
Because as FOMO and enthusiasm decreases, market values may rise. In fact, in many cases, the decline in FOMO actually strengthens the possibility of further uptrends.”
Finally, in the stock markets Tether And Bitcoin Santiment, who also looked at the supply, pointed out that moving more Tether and stablecoins to the exchanges could mean that prices will increase in the future.
Santiment said:The increase in the amount of USDT and USDC moving to exchanges is a good sign because it means more purchasing power is moving to exchanges, even if this increase occurs along with Bitcoin and crypto sales. However, ultimately, the fact that Bitcoin’s supply on exchanges increased by 3.5% is a greater cause for concern. Because the increase in BTC supply means that there may be sales soon, and these sales may also decrease.” said
“Bitcoin and Altcoins are at the Crossroads! “
Stating that the data shows that Bitcoin and altcoins are at a crossroads at this point, Santiment concluded his analysis by stating that there are both bullish and bearish signals.
“Overall, there are signals that Bitcoin and altcoins will exhibit sideways movements for a while.
However, while the bulls attacked in the last quarter of 2023, the bears did not remain silent.
At this point there is a huge conflict between bulls and bears as we see right now.
As a result of this conflict, we often see Bitcoin and altcoins once again returning to a period of exchange that is boring for investors.”
📊 #Bitcoin is now back above $42.5K as its volume has stayed in line with levels it began to increase to once the #bullrun started back in October. However, will #altcoins mouse the same? We touch on some comparative charts in our latest insight. 👇 https://t.co/avHMfS3Dy9 pic.twitter.com/1mrbski2zR
— Santiment (@santimentfeed) December 20, 2023
*This is not investment advice.
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