A rise in negative sentiment on Bitcoin (BTC) and the crypto markets at large is increasing the odds that the 2023 bull run will continue, according to a leading analytics firm.
Santiment says a wide swath of traders now firmly believe prices will dip this month – and when too many people believe the market will go one way, a surprise is often in store.
Santiment points to sentiment on Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE) and Solana (SOL) as particularly negative.
“Trader skepticism IMPROVES the probability of prices RISING further.
Prices generally will move in the direction the crowd deems most unlikely.”
Santiment is also seeing strength in Bitcoin’s fundamentals. The firm says BTC’s existing supply has been steadily moving into self-custody.
This means traders continue to move their Bitcoin off of exchanges in large amounts, opting to hold the crypto themselves instead of relying on exchanges for custody.
“There is now $416.5 billion in BTC sitting away from exchanges, and $29.2 billion in BTC on exchanges.
So there is 14.26x the coins off exchanges vs. on.”
Bitcoin is worth $22,970 at time of writing.
The top-ranked crypto asset by market cap is down 1.39% in the past 24 hours and more than 3% in the past seven days.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2023/02/09/analytics-firm-forecasts-imminent-bitcoin-and-altcoin-rally-as-self-custodied-btc-explodes-to-over-400000000000/