This Factor Will Signal A New Bitcoin Rally, Santiment Analytics Firm Says | CryptoGazette
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The crypto analytics firm Santiment is addressing what can trigger a new Bitcoin rally. The crypto market is recovering following multiple losses caused by price corrections lately.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $39,050.
The crypto analytics firm notes that there is one indicator that could signal the beginning of a positive breakout for Bitcoin (BTC).
As BTC is now trading below the $40,000 level, Santiment made sure to highlight the fact that gold, on the other hand, is soaring.
As noted by the online publication the Daily Hodl, at the time of writing, gold is up roughly 5% in the last two weeks, which is a considerable amount for the precious metal.
While Bitcoin is showing weakness in tandem with a correcting US stock market, Santiment made sure to highlight that if BTC manages to decorrelate from equities, it would be a major sign of a new rally.
“Bitcoin is barely hanging on above $40,000, and this mid-sized drop to end the week coincided with the S&P500 once again dropping. Meanwhile, gold has soared to an eight-month high. Look for a BTC correlation break to be a sign of a positive breakout.”
Check out more interesting details in the original article.
Other than this, the other day, we were revaling that the popular crypto analyst who assessed where Bitcoin stands in Q1 2022 as well as when crypto investors might be expecting to see a rally for altcoins.
As the online publication the Daily Hodl notes, Benjamin Cowen recently said that while he’s not particularly bullish on Bitcoin in the short term, he’s limiting his analysis to Q1 only and not looking ahead to the rest of the year.
Stay tuned for more news and make sure to keep your eyes on the crypto market.
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