U.Today - On-chain analytics company Santiment believes that what is currently called a bear market by is likely to reverse soon, and crypto prices may U-turn.
"Positive sign that crypto markets will rebound"
Santiment tweeted that the main reason for the potential rebound of cryptocurrencies could be the fact that crypto traders now are showing FUD (an acronym meaning "fear, uncertainty, doubt" popular in the crypto space) and increasingly calling the current state of things a "bear market."The Santiment team pointed out that, historically, big FUD shown by traders and other market players led to substantial price surges of crypto.
Bitcoin rebounds, driven by this factor
Over the past 24 hours, the premier global cryptocurrency, of 2.47%, going up from $25,831 to the $26,470 area, where it is trading now.According to a Santiment tweet published earlier today, this rebound of BTC can be attributed to recent accumulation by medium and large investors, known as sharks and whales on the market.
Per Santiment, they have purchased cumulatively a whopping $308.6 million worth of Bitcoin over the past week. Now, there are 156,600 wallets out there that contain from 10 to 10,000 Bitcoins each.