Santiment, a crypto analytics company, is determining what catalysts will trigger the next digital asset bull.
Santiment points out in a new analysis that as markets rise, social media conversations about crypto assets tend to be more focused than they are currently on Bitcoin (BTC).
According to the analytics firm, 1/6th to 1/8th of crypto asset discussions were centered around Bitcoin in 2022’s second half. However, this number is usually 1/5th under ideal market conditions.
Santiment explains,
Let’s see if trader interest in Bitcoin rises above the break-even point, as shown in the chart. This signal, together with a degree of distrust in exchanges diminishing as time goes on and (hopefully), justice being served against the former FTX founders, should lead to a rebound as we enter a new year.”
At the time of writing, Bitcoin was trading at $16,726. The crypto asset that is currently the top-ranked is trading at $16,726 as of writing. This is more than 75% lower than its record high of over $69,000 in November 2021.
Santiment noted that 2022 was the “Accumulation Year” of Bitcoin’s four-year cycle.
“2014-2018, 2022 and 2022 were all historical difficult years in the 14-year history of Bitcoin’s existence.
It’s not a coincidence that all of them came after super-bullish years (2013, 2017, and 2021). Although it is not possible to predict whether prices will move up or down, it has become quite predictable.”
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
