- Santiment revealed that on-chain metrics are bullish for Bitcoin (BTC).
- They also predicted that the market may not undergo a correction in the short term.
- Meanwhile, a bearish medium-term pattern formed on BTC’s chart, suggesting BTC may be at risk of dropping to $31,400.
Santiment, the blockchain intelligence platform, revealed in an X post yesterday that the cryptocurrency market may not undergo a correction soon. This follows the recent market revival, which saw Bitcoin (BTC) and several other cryptocurrencies record dramatic increases in their respective values.
If you're concerned about a #crypto retrace, note that #Bitcoin still maintains a high pace of active addresses. Additionally, the top market cap asset is seeing a high level of dormant tokens now moving, typically synonymous with #bullish conditions. https://t.co/bvjDL2Shga pic.twitter.com/NvxKkQpkg8— Santiment (@santimentfeed) October 26, 2023
According to the post, BTC still maintains a high number of active addresses. In addition to this, the leading cryptocurrency is also seeing a healthy level of dormant tokens now moving. Historically, this has been linked to bullish behavior in th…
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