Bitcoin Hits $60,000 As Market Conditions Align For Crypto Price Surge: Santiment

Semilore Faleti

10 months ago

3 mins read

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Bitcoin has hit the $60,000 price mark, recovering a price level last seen since August 29. Based on data from CoinMarketCap, The crypto market leader moved by 3.98% on Friday, capping off a rather impressive weekly performance. Commenting on this price gain, prominent blockchain analytics company Santiment has provided insight into shifting market dynamics that may result in a sustained price rally for Bitcoin and other cryptocurrencies.

Bitcoin Accumulation, Exchange Outflow Signal Bullish Sentiment

In an X post on Friday, Santiment shared key developments in the BTC market that could encourage retail investors’ participation in the coming weeks.

The on-chain analytics team reported consistent levels of massive accumulation from BTC whales and sharks. When large-scale investors such as these consistently purchase a massive amount of an asset, especially during downturns or turbulent periods, it indicates confidence in the asset’s long-term profitability.

🥳 Bitcoin is within inches of regaining the coveted $60K market value for the first time since falling below back on August 29th. The dynamic duo of mid-term accumulation from sharks & whales, and falling levels of BTC on exchanges, sets the stage for crypto to roll again. pic.twitter.com/LHyxaK4Rci

— Santiment (@santimentfeed) September 13, 2024

According to Santiment, Bitcoin sharks and whales i.e. wallets holding 10 BTC and above, have acquired 28,500 BTC in the last three months bringing their total holdings to 16.18 million BTC, valued at $978.29 billion.

Aside from this encouraging accumulation trend, Santiment has also noted a decline in Bitcoin supply on exchanges. For context, an increase in exchange balances of an asset indicates investors are cautious and selling or preparing to sell their holdings. The opposite of such a scenario means that investors are moving their holdings to self-custodial wallets, likely in anticipation of a price rise.

Based on Santiment’s report, approximately 75,000 BTC, valued at approximately $4.54 billion, has been withdrawn from exchanges in the last three months, bringing the current total exchange Bitcoin balance to $1.86 million BTC. Santiment concludes that the combination of these two factors i.e. constant accumulation by big investors and a decrease in exchanges BTC supply indicate that Bitcoin and the crypto market at large are gathering momentum for a massive price rally.

Massive Bullish Divergence Signals Potential Altcoin Rally

In other news, crypto analyst Michël van de Poppe has noted a large weekly bullish divergence on TOTAL3/BTC, a trading chart that tracks the combined value of all altcoins excluding Ethereum in BTC.

This bullish divergence largely indicates that selling pressure is weakening and altcoins are about to rally against the crypto market leader. Such notions align with van de Poppe’s long predictions of altcoins superseding Bitcoin in market dominance and performance in the coming months.

At the time of writing, Bitcoin continues to trade at $60,369 with a market gain of 4.25% on the last day. Meanwhile, the total crypto market cap is valued at $2.1 trillion following a 2.55% gain in the last day.

Featured image from Reuters, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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