Bitcoin Flashes Turning Signals As Ethereum Is At Risk Of A Recession Peak
Recent Bitcoin data contains mixed signals that could cause concern on price charts, says crypto analytics firm Santiment.
In a new post, the market intelligence firm suggests an increase in the number of wallets holding between 100 and 10,000 Bitcoins representing the optimism of wealthy investors.
Next, Santiment offers an opposite indicator, noting that recent profit-taking by BTC holders could lead to a drop in price. However, ETH selling volume has returned to moderate levels.
Santiment also pointed to discussions on social media ahead of Ethereum’s transition to PoS in mid-September, calling it a historic moment for short-term price tops.
The analytics firm also delves deeper into Ethereum’s social dominance in its weekly newsletter as it warns of the risk of a blow-off top.
“It almost seems like everyone and anyone is in this very obvious speculative play. As we draw closer, it’s very likely we see yet another spike in “merge” social dominance and similar price action (alts dropping, ETH rising) as late comers pile in whatever they have to ride it, which eventually increase the chance of things leading to a blow off top.”
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