Bitcoin investors can consider these points before cutting losses
The sell-off on the cryptocurrency market pushed the price of the largest cryptocurrency below the $20k mark. Now, Bitcoin [BTC] returns back to the $21,000 range, providing some relief to the investors.
But the question remains, can the bulls keep the momentum going?
Different Bitcoin holders seem to have entered a capitulation phase. Many even fear the end of the cryptocurrency reign. Consider this, the “Bitcoin Dead” searches on Google touched an all-time high over the last weekend. Alex Kruger, a famed economist, in a 20 June tweet highlighted this stat.
<p lang=«en» dir=«ltr» xml:lang=«en»>Google searches for «bitcoin dead» hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL— Alex Krüger (@krugermacro) June 20, 2022
Nonetheless, such rock-bottom sentiments tend to bring out a potential rally. On-chain data provider Santiment opined,:
“Bitcoin’s plummet to $17.7k this weekend brought out the most discussion related to the #1 market cap asset in 2022. We often see major price reversals correlate precisely with high social volume rates, and $BTC has jumped +15.8% since.”
Here’s a graphical representation- BTC reaching the $17.7k mark caused the largest amount of BTC discussion of the year.
Source: Santiment
As past bore the witness, the low and negative sentiment could inject a potential rally as whales tend to accumulate.
On-chain analytics resource Whalemap, meanwhile, highlighted the dip-buying by major investors at levels below the seminal $20,000. This could become a great short-term support for the flagship coin.
<p lang=«en» dir=«ltr» xml:lang=«en»>New whale level has formed over the weekend's dump.The accumulation is quite large, >100k BTC, and happened on the 18th of June.
Prior to that, a large portion of
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