Director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, is listing two developments that could trigger a recovery in the price of Bitcoin (BTC).
Quinlivan says in a new video that accumulation by whales and sharks (those holding between 10 and 10,000 BTC), as well as widespread fear, uncertainty and doubt (FUD) among cryptocurrency traders and investors could inspire a trend bullish for Bitcoin.
“Since the beginning of the month [of April]these last four weeks or so we are watching whales and sharks actually profit and the price apparently follows them.
And until they start to reverse course and resume their buildup, it can be argued that we will continue to slide very slowly until the crowd gets really, really scared. As November 2022 was with the FTX [crypto exchange] would collapse or the whales would just decide “you know what, prices are low enough.” I’m going to start raising those prices again.’”
According to Quinlivan, the stock and cryptocurrency markets currently enjoy a directly proportional relationship.
“There’s a pretty strong correlation right now between cryptocurrencies and the S&P [500 index]…
The way the Federal Reserve is made, the way inflationary policies have been here in the United States, at least in the last few years, have had a huge impact on the rest of the markets. So until that changes, we need to be aware that the way the US stock market has been going lately has had an impact on the way cryptocurrencies are going.
And it could emphasize a bigger drop than cryptocurrencies, otherwise it would tell itself if the S&P was stable right now. So this could actually be a positive argument indicating that if the S&P starts to recover, cryptocurrencies could see some relief as well.”
Image generated: DALLE3
