dailyhodl.com
The director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, is listing two developments that could ignite 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 crypto traders and investors could inspire an upward trend for Bitcoin.
“Since the beginning of the month [of April], these last four-ish weeks or so we’re looking at the whales and sharks actually taking some profit and the price is seemingly following them.
And until they start to turn it around and resume their accumulation, there can be an argument that we will continue to slide very slowly until either the crowd gets really, really fearful. Like November 2022 was with the FTX [crypto exchange] collapse or the whales just decide ‘you know what, prices are low enough. I’m going to start pumping those prices again.’”
According to Quinlivan, the stock and crypto markets are currently enjoying a directly proportional relationship.
“There is a pretty big correlation right now between crypto and the S&P [500 index]…
The way the Federal Reserve is, the way the inflationary policies have been here in the US at least the last few years have had just a massive kind of impact on the rest of the markets. So until that changes, we have to be conscious of the fact that the way the US stock market has been going lately has had an impact on the way crypto goes.
And it might be emphasizing a greater drop than crypto otherwise would be seeing on its own if the S&P was stable right now. So that could actually be a positive argument indicating that if the S&P starts to recover, then crypto might see a bit of a relief rebound of its own.”
Generated Image: DALLE3