Bitcoin Dip May Not Be Over As Retail Ramps Up Buying: Santiment
Despite retail investor buying, Bitcoin's price may continue to fall as whales are selling, mirroring past patterns, according to Santiment.Summary
According to crypto sentiment platform Santiment, the recent dip in Bitcoin's price may not be over, despite increased buying from retail investors. Santiment's analysis indicates that whales – holders of 10 to 10,000 BTC – accumulated Bitcoin between February 23 and March 3 when prices ranged from $62,900 to $69,600, but have since offloaded around 66% of those purchases as the price climbed past $70,000. This selling pressure from whales, coupled with increased buying from retail investors, typically signals further correction. The Crypto Fear & Greed Index has fallen to 12, indicating “Extreme Fear,” and analysts like Michael van de Poppe suggest a retest of lows is possible if Bitcoin doesn't find support between $67,000 and $68,000. Spot Bitcoin ETFs also experienced their largest outflow day in three weeks, with $348.9 million in net outflows. However, economist Timothy Peterson believes $60,000 could act as a floor, citing the Bitcoin Price to Metcalfe Value chart.
(Source：Cointelegraph)