Santiment calls the rise in popularity of bitcoin discussions a sign of a bull market
They noted that when quotes rise, discussions of crypto assets on social networks tend to be more focused on BTC than they do now
05.01.2023 - 11:00
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Crypto analytics firm Santiment is breaking down what catalysts will launch the next digital asset bull market.
Santiment notes in a new analysis that when markets take off, social media discussions about crypto assets tend to be more focused on Bitcoin (BTC) than they currently are.
The analytics firm says 1/6th to 1/8th of crypto asset discussions have centered on Bitcoin in the second half of 2022, but that number is typically 1/5th in ideal market conditions.
Explains Santiment,
“As illustrated in the chart above, let’s look to see when trader interest in Bitcoin begins to hover consistently above this break-even line once again. This signal, along with a bit of distrust in exchanges dissipating as time goes by and (hopefully) justice is served against the former FTX founder(s), should be a recipe for a rebound as we head into a new year.”
Bitcoin is trading at $16,726 at time of writing. The top-ranked crypto asset is down more than 75% from its all-time high of more than $69,000, which it hit in November 2021.
Santiment notes that 2022 represented the “Accumulation Year” in Bitcoin’s four-year cycle.
“2014, 2018, and 2022 were all historically bad years during the now 14 years of BTC’s existence.
And it’s no coincidence that they all come after great, ultra-bullish years that established new all-time highs (2013, 2017, 2021). Though not a perfect alpha barometer for predicting whether prices will be going up or down, the pattern of every four years seeing a euphoric stage followed by a fearful, profit-taking phase has become fairly predictable.”
This material is taken from the website dailyhodl.com.
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