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Blockchain analytics company Santiment suggests that Bitcoin (BTC) is likely to move upwards soon due to an important factor. Here are the bold reports from the popular analysis company!
Bitcoin Could Reach $30,000!
The leading analytics platform claims that Bitcoin has gained significant attention on two major cryptocurrency exchanges, which could create a short-term consolidation and push BTC above $30,000. Santiment stated the following:
Bitcoin investors are aggressively shorting on both Deribit and Binance, increasing the likelihood of price hikes caused by potential liquidations. Since the increase in short positions started last week, BTC has recorded a +4% increase in price. The possibility of this trend continuing is quite high.
Short squeeze occurs when investors who borrow a token at a certain price and hope to sell it at a lower price are forced to buy back the borrowed assets as momentum moves against them, triggering further upward movement.
Santiment also claimed that Bitcoin network activity has increased alongside the leading cryptocurrency surpassing the $27,000 level this month. The analytical firm emphasized the following:
Bitcoin’s on-chain activity continues to be significantly high since April. The utility is quite high, and the third-largest activity day in the past three months happened yesterday. It appears that the $27,000 support level is polarizing.
Whale Activity Decreases in Stablecoins
Additionally, the analytical firm noted that it closely monitors how much stablecoin investors hold in their wallets. According to Santiment, a potential increase following a period of decline could indicate an upward movement for Bitcoin. The company stated the following:
Whales are reducing their stablecoin holdings, indicating that their buying power is not as strong as when Bitcoin was above $30,000 in June. Holdings are currently at their lowest level in the past six months. Expect over 5 million dollars worth of whale wallets to start increasing again as a signal of a comeback.
