The cryptanalysis company Santiment warns euphoric Bitcoin investors about the short-term development of the top cryptocurrency.
In a new market report, the company says it is firmly bearish against Bitcoin after a sentiment peak and a recent rally above the $ 19,000 level.
A reversal is likely, according to Santiment, as sentiment among BTC traders “is still quite positive at the moment and we see this as confident bearish territory based on history”.
Following the recent altcoin market breakout, Santiment is slightly bearish on both XRP and Ethereum. The company says traders should expect XRP to hit the local peak in the short term after a surge in positive sentiment.
“In general, these strong mood peaks on the positive side lead to a possible local peak. And there’s a high likelihood that this will come to fruition in the near future to neutralize the euphoria surrounding the # 3 crypto asset by market cap. “
According to Santiment, Ethereum’s network addressing activity is not accelerating in line with the price of ETH, giving solid reason to advise “serious caution” after the coin surged above $ 600.
The Company recommends Traders pay attention to what ETH has to offer on crypto exchanges – the lower, the better.
As for Chainlink (LINK), Santiment is looking for a bigger spike in positive sentiment to kickstart a new rally. Until then, it is neutral for the crypto asset.
“The mood around Chainlink on Twitter has developed positively over the past few weeks, but not by an overwhelming majority. There are some very wild swings in euphoria leading to local highs for the ETH-based project that is getting so much attention on social media. “
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