New figures from the Santiment crypto market data platform show that Bitcoin Whales (BTC) are actively buying bottoms.
BTC’s big purchases began after the cryptocurrency hit strong resistance near the $ 10,000 level.
“Are BTC whales accumulating again? After the fall of Bitcoin under $ 9,500 on 20th May addresses holding 100 or more Bitcoin, added another 12,000 BTC to their portfolios – more than $ 108,000,000 in current prices.
It tends to accumulate in declines and sell before short-term peaks appear. Will this story be repeated? “
The move coincides with a change in crypto mood on Twitter.
According to Santiment, Twitter posts for BTC are now mostly negative for the first time in more than a month.
The change may indicate that most traders expect the price of the leading cryptocurrency to continue to fall.
Although it may seem counterintuitive, Santiment argues that buying opportunities often arise when the general mood subsides, as traders may become too negative during a BTC retreat.
“For the first time since April 13, the ‘Sentiment Volume Consumed’ chart for the proportion of negative to positive comments about Bitcoin on Twitter followers is negative, according to Santimentfeed.
This marks the end of 40 consecutive days of positive sentiment on the platform the flagship cryptocurrency. In general, the most remarkable buying opportunities appear when the mood of the crowd is negative, so plan accordingly, especially if it reaches a level around -0.5. “
A number of crypto analysts, including Josh Rager, say they expect the current retreat to continue, dragging Bitcoin below $ 8,000 or below.
At the time of writing, BTC is trading at just under $ 9,200.