Will ‘Bitcoin catharsis’ end soon? This alpha factor might be key - Aliens: AI Crypto News & Markets Updates
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Will ‘Bitcoin catharsis’ end soon? This alpha factor might be key

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AMB Crypto

Thu, Jun 23, 2022

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The current bear market calls for the skills of ‘Tsujigiri.’ Well, if you are an investor or a trader thinking ‘Life’s but a walking shadow,’ then acquaint thyself with celebrated American investor Jim Rogers’ belief – “Bottoms in the investment world don’t end with four-year lows, they end with 10-15 year lows.” Now, this quote might feel like a minor myocardial infarction.

However, know that Bitcoin holders needn’t really worry as positive sentiments are in the king coin’s territory.

Well, the ‘social dominance’ on-chain metric can reveal a lot about traders’ stress per unit of profit and the overall sentiment across the market.

Interestingly enough, for most of the last two years, the market has seen BTC’s social dominance value well below 20% as the altcoin craze was in full swing.

At this point, it wouldn’t be a fool’s question to ask how positional traders can benefit from this metric’s reading.

However, traders seeking validation from whales would be happy to know – according to a data platform Tokenview – Bitcoin’s third-largest whale increased its holdings of 565 BTC on 23 June.

The address currently holds a total of 129,936.54 BTC, with a total value of about $2.6 billion.

Here’s a painful reminder – The king coin hit its most recent local bottom at $17.8k on 18 June.

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