Santiment analysts call a bull market signal

The assumption of experts is based on the growth of the number of long-term holders of the first cryptocurrency

10.04.2023 - 14:05

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4 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? According to experts at analytics firm Santiment, the number of long-term holders of bitcoin is on the rise, which may indicate the beginning of a bull market. A similar trend was observed from January to April 2021, when the BTC rate rose above $64 000 for the first time. In addition, in November of the same year, the asset reached its all-time high (ATH) of $69 000. As of April 10, 13:45 UTC, bitcoin is trading at $28 243, having gained 1,17% in 24 hours, according to Binance.

💰 There is a rising rate of #Bitcoin #hodlers as traders seem to have become increasingly content in keeping their bags unmoved for the long-term. We saw a similar trend from January, 2021 through April, 2021 when $BTC rose above $64k for the first time. https://t.co/xrwNhcqVLo pic.twitter.com/wYFBsx6Css — Santiment (@santimentfeed) April 9, 2023

What else did analysts report? Despite an increase in the number of long-term investors, Santiment is concerned that the asset has fallen below $28 000, as well as its low trading speed. As of April 9, for example, 105 000 unique BTC were moving per day, down 56% from the annual peak in June 2022. Experts stressed that the asset’s rising usefulness would allow for a confident prediction of a bull trend in the medium to long term.

📉 #Bitcoin is back below $28k, and unique tokens moved continues to be a point of concern. When looking for validation of mid/long term bull runs, utility should be rising. For now, 105k $BTC is moving per day, 56% less than its one-year peak in June '22. https://t.co/K9aMlfmK2L pic.twitter.com/Ajly0gIA3P — Santiment (@santimentfeed) April 9, 2023

From January 15 to March 15, the total number of bitcoin addresses increased by 3,95%, to 45,14 million, according to Santiment.

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Santiment recorded a surge of bullish sentiment in the crypto market between March 27 and 29. In their view, the rise in optimistic predictions among traders was caused by the community’s premature joy at bitcoin’s possible achievement of the $30 000 mark.

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