Analytics firm Santiment thinks Bitcoin (BTC) looks ripe for a dip as traders begin to feel exuberance over the crypto king’s latest surge.
The firm notes crowd sentiment has reached greedy levels after BTC’s price gains this week.
“This typically coincides with upcoming local tops. They may happen today, this weekend, or in the upcoming weeks, depending on how whales behave at these levels.
That said, don’t expect to be able to rebuy at $50,000 or $60,000 without world economies beginning to show red flags of their own.”
BTC is trading at $65,935 at time of writing, up over 4% this week.
In terms of Ethereum (ETH), Santiment notes that the second-ranked crypto asset’s fees have gone up recently, though the increases haven’t impacted sentiment towards ETH.
“This muted sensitivity in social discussions further supports the idea that unless fees surge dramatically, they are unlikely to become a significant barrier to Ethereum’s usability in the short term.
It’s worth noting that rising fees can sometimes signal the market nearing a speculative top, as higher fees often coincide with a rush of network activity driven by market hype. However, this current mild rise in fees is unlikely to be a cause for concern. Instead, it reflects healthy, growing activity within the Ethereum ecosystem, particularly in DeFi and speculative trading around smaller tokens.”
ETH is trading at $2,698 at time of writing and is up nearly 3% in the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Bitcoin (BTC) Looks Primed for a Correction, According to Crypto Analytics Firm Santiment – Here’s Why appeared first on The Daily Hodl.
