Bitcoin Flashes Historical Bullish Signal

Amidst the bloody crypto market in which most of the important coins are trading in the red, there’s a bullish signal coming from Bitcoin, according to the latest reports. Check out the new prediciotns about the king coin below.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,711.

The leading crypto analytics firm Santiment said that there is one metric they track is signaling a bullish turn in the market based on historical performance.

According to Santiment, fear, uncertainty, and doubt (FUD) are reaching peak levels. They are reportedly determined by the prevalence of negative crypto terms such as “sell” across several social media platforms.

As the online publication the Daily Hodl notes, “The negativity is largely driven by the FTX implosion and the arrest of its disgraced founder Sam Bankman-Fried as well as increasing questions about the financial stability of Binance, the world’s largest crypto exchange, according to the analytics firm.”

Federal Reserve chair Jerome Powell also continues to drive markets down via his policy.

“There is a whole lot of doom and gloom in crypto right now. Binance FUD, Jerome Powell hawkishness, and the ongoing [Sam Bankman-Fried] trial headline – many reasons why capitulation is prevalent to end the week. Historically, this uncertainty is a bottom signal.”

Meanwhile, Bitcoin whales are making massive moves.

The other day, we were reporting that the crypto analytics platform Santiment revealed that whales had accumulated Bitcoin (BTC) worth hundreds of millions of dollars in under a fortnight.

Santiment says that relatively large holders of the flagship crypto asset have purchased approximately $726 million worth of Bitcoin in the last nine days.

According to Santiment, three top-20 stablecoins by market cap are also experiencing high demand. Check out the reports below: