Crypto analytics firm Santiment made a number of statements about the leading cryptocurrency Bitcoin (BTC). In his statements, Santiment said that an indicator could signal the beginning of a positive breakout for Bitcoin (BTC).
While Bitcoin (BTC) is currently trading below the $40,000 level, Santiment drew attention to the rise in Gold. So much so that Gold has increased by about 5% in the last two weeks as of the time of writing, and this is a significant amount for the precious metal.
Santiment: This Indicator Will Signal to Rally
While Bitcoin, the world’s largest cryptocurrency by market capitalization, has been showing weakness along with a corrective US stock market, Santiment noted that if BTC manages to disconnect from equities, it would be an important sign of a new rally.
Santiment made the following statements in the statement;
“Bitcoin is barely hanging above $40,000 and this mid-range drop by the end of the week has coincided with the S&P500 falling once again. Meanwhile, gold climbed to an eight-month high. Watch for a BTC correlation breakout to be a sign of a positive breakout.”
In a recent update to investors, a digital asset manager Pantera Capital said something similar about crypto from traditional markets.
Cryptocurrencies Will Leave Traditional Markets
Joey Krug, Pantera’s chief investment officer, stated in the company’s Blockchain Letter that while crypto tends to correlate with traditional macro markets, the breakout has taken too long.
Joey Krug made the following statements in his statements;
“We think that in the coming weeks, crypto will basically leave the traditional markets and start trading on its own again. Especially in things like DeFi (decentralized finance), it is already trading at pretty cheap prices.
Our view is that it will diverge in the coming weeks and crypto will once again trade independently. In my personal view, Ethereum is currently trading low at $2,200.”