- Santiment noticed that BTC’s price had dropped as much as 16.9% from its peak hype.
- The current bearish market would allow the market to rebound as “patient opportunists” would continue to accumulate during these lower price levels.
- BTC is currently priced at $41,203.66 after facing a fall of 3.67% in one day.
Revolving around the subject of the BTC ETF hype, Santiment, an onchcain market analytical platform, noticed that BTC had dropped as much as 16.9% from its peak hype. The platform also speculated that traders are still optimistic about the long-term ramifications of the initial spot Bitcoin ETF being approved in the second week of January.
One of the main reasons for BTC reaching a new peak just one day before the approval was mostly due to the Fear-of-Missing-Out (FOMO) triggered by the SEC’s X hacked account falsely announcing the ETF approval.
After the hype of spot Bitcoin finally settled, Santiment’s chart revealed that BTC’s social dominance and volume, along with the price, had drastically reduced from its highest peak for this year. Despite the bearish fall in the market, Santiment predicted that the bearish trend in the market would allow the market to rebound as “patient opportunists” would continue to accumulate during these lower price levels.
Looking at the price charts of Bitcoin, BTC is currently priced at $41,203.66 after facing a fall of 3.67% in one day. Although it started trading at $42.79K, Bitcoin is now positioned closer to its daily low of $40,631.17. It seems that BTC has also faced a fall during the week, recording a 10.87% tumble in the weekly chart. Several analysts believe it is the handiwork of the whales, hoping to make a profit during the short-term FOMO-influenced price hike.
It seems that the market may begin reversing soon as whales have once again purchased BTC at a much cheaper rate. Whale Alert, a prominent whale tracking platform, reported that several whales have already begun their exchange-to-wallet BTC transfer. Ideally, exchange-to-wallet BTC transfer’s would reduce the supply of the flagship cryptocurrency, thus increasing prices. As such, there is a potential that BTC’s price could spike once again and cross the $45K threshold again.