Bitcoin (BTC) is showing a bullish signal based on a historical factor, according to analytics firm Santiment. Despite a recent surge of nearly 150% since October, BTC appears to be losing momentum. However, Santiment points out that historically, when there is less long-term optimism about Bitcoin, there is a higher probability of a continued market rise. This means that Bitcoin bulls should be hoping for a bearish sentiment to prevail. The recent dip in BTC’s price was attributed to the government selling 10,000 BTC seized from Silk Road, which has sparked fear among traders. Santiment notes that previous spikes in BTC’s price occurred when concerns about the Silk Road Bitcoin stack arose. At the time of writing, Bitcoin is trading at $67,905 with a slight decrease in price.
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Bitcoin Flashing a Bullish Signal Due to This Historical Factor, According to Analytics Firm Santiment
