{"id":557948,"date":"2023-10-28T00:00:44","date_gmt":"2023-10-28T00:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=557948"},"modified":"2024-06-11T07:05:47","modified_gmt":"2024-06-11T07:05:47","slug":"bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch\/","title":{"rendered":"The Hidden Signals: Bitcoin’s On-Chain Data Points To Bullish Outlook, But There’s A Catch"},"content":{"rendered":"

Santiment, a leading blockchain intelligence platform, has recently provided<\/a> insights pointing to a favorable short-term scenario for Bitcoin (BTC). However, according to other signals that seem ‘hidden,’ there’s a catch.<\/span><\/p>\n

These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out.<\/span><\/p>\n

Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November<\/a><\/div>\n

Bitcoin Sentiments Bullish On-Chain Indications<\/span><\/h2>\n

Santiment’s recent post revealed a positive narrative for BTC’s immediate future. One of the key metrics supporting this bullish outlook is the significant number of active Bitcoin addresses. <\/span><\/p>\n

It is worth noting that an increase in active addresses can indicate enhanced adoption<\/a>, investor interest, and overall network health. Furthermore, a surge in previously dormant tokens moving actively hints at a renewed trader interest. <\/span><\/p>\n

According to Santiment, such activity has often coincided with bullish trends, making this an essential metric to monitor.<\/span><\/p>\n

\n

\ud83d\udc4d If you’re concerned about a #crypto<\/a> retrace, note that #Bitcoin<\/a> 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<\/a> conditions. https:\/\/t.co\/bvjDL2Shga<\/a> pic.twitter.com\/NvxKkQpkg8<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) October 26, 2023<\/a><\/p><\/blockquote>\n

Given these disclosed metrics by Santiment, Bitcoin may still have more rallies to squeeze out. However, to a<\/span>dd another layer of intrigue to the current market scenario is the behavior surrounding meme coins, especially PEPE. <\/span><\/p>\n

According to Onchain Capital co-founder and Crypto Banter host, Ran Neuner, meme coins, with their viral nature and swift price movements, sometimes act as a barometer for market sentiment, albeit unconventional.<\/span><\/p>\n

PEPE’s Performance: A Market Temperature Check?<\/span><\/h2>\n

While Santiment’s report offers optimism, some market observers utilize unique indicators to sense potential market shifts. PEPE, a meme coin, has recently caught the attention of several prominent crypto figures.<\/span><\/p>\n

Ran Neuner recently mentioned that PEPE might act as an indicator of an overheated market. The logic? When traders and investors flock to such tokens, and they see significant price pumps, it might be a sign of excessive optimism in the market. An event to walk with caution.<\/span><\/p>\n

\n

If you want to know when a pull back is coming, just watch $PEPE<\/a>. It\u2019s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that\u2019s your sign to exit. Works every time. pic.twitter.com\/vMcqiddHwp<\/a><\/p>\n

\u2014 Ran Neuner (@cryptomanran) October 26, 2023<\/a><\/p><\/blockquote>\n

Notably, PEPE has surged<\/a> by more than 80% in the past week. The meme coin<\/a> has soared from a low of $0.00000650 seen last Friday, to as high as $0.00000118 at the time of writing. Following the recent increase in price, PEPE is currently down 1.1% in the past 24 hours.<\/i><\/span><\/span><\/p>\n

Related Reading: PEPE Price Leaps 90% As Meme Coin Reaches Over 155,000 On-Chain Wallets<\/a><\/div>\n

Furthermore, in what seems to complement Neuner’s proposed indicator, Bitcoin has seen quite a notable retrace from its recent spike above $35,000<\/a>. The asset currently trades at $33,620, at the time of writing down by 1.1% in the past hour.<\/span><\/p>\n

\"Bitcoin
Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from ShutterStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Santiment, a leading blockchain intelligence platform, has recently provided insights pointing to a favorable short-term scenario for Bitcoin (BTC). However, according to other signals that seem ‘hidden,’ there’s a catch. These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out. Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November Bitcoin Sentiments Bullish On-Chain Indications Santiment’s recent post revealed a positive narrative for BTC’s immediate future. One of the key metrics supporting this bullish outlook is the significant number of active Bitcoin addresses. It is worth noting that an increase in active addresses can indicate enhanced adoption, investor interest, and overall network health. Furthermore, a surge in previously dormant tokens moving actively hints at a renewed trader interest. According to Santiment, such activity has often coincided with bullish trends, making this an essential metric to monitor. \ud83d\udc4d 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 \u2014 Santiment (@santimentfeed) October 26, 2023 Given these disclosed metrics by Santiment, Bitcoin may still have more rallies to squeeze out. However, to add another layer of intrigue to the current market scenario is the behavior surrounding meme coins, especially PEPE. According to Onchain Capital co-founder and Crypto Banter host, Ran Neuner, meme coins, with their viral nature and swift price movements, sometimes act as a barometer for market sentiment, albeit unconventional. PEPE’s Performance: A Market Temperature Check? While Santiment’s report offers optimism, some market observers utilize unique indicators to sense potential market shifts. PEPE, a meme coin, has recently caught the attention of several prominent crypto figures. Ran Neuner recently mentioned that PEPE might act as an indicator of an overheated market. The logic? When traders and investors flock to such tokens, and they see significant price pumps, it might be a sign of excessive optimism in the market. An event to walk with caution. If you want to know when a pull back is coming, just watch $PEPE. It\u2019s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that\u2019s your sign to exit. Works every time. pic.twitter.com\/vMcqiddHwp \u2014 Ran Neuner (@cryptomanran) October 26, 2023 Notably, PEPE has surged by more than 80% in the past week. The meme coin has soared from a low of $0.00000650 seen last Friday, to as high as $0.00000118 at the time of writing. Following the recent increase in price, PEPE is currently down 1.1% in the past 24 hours. Related Reading: PEPE Price Leaps 90% As Meme Coin Reaches Over 155,000 On-Chain Wallets Furthermore, in what seems to complement Neuner’s proposed indicator, Bitcoin has seen quite a notable retrace from its recent spike above $35,000. The asset currently trades at $33,620, at the time of writing down by 1.1% in the past hour. Featured image from ShutterStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":557958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,57231],"class_list":["post-557948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-santiment"],"acf":[],"yoast_head":"\nBitcoin On-Chain Data Points To Bullish Outlook, But There's A Catch<\/title>\n<meta name=\"description\" content=\"Santiment has recently provided valuable insights that point towards a favorable short-term scenario for Bitcoin (BTC). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"The Hidden Signals: Bitcoin’s On-Chain Data Points To Bullish Outlook, But There’s A Catch","url":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-On-Chain-Data-Points-To-Bullish-Outlook.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-On-Chain-Data-Points-To-Bullish-Outlook.jpeg?fit=350%2C247"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","crypto","santiment"],"dateCreated":"2023-10-28T00:00:44Z","datePublished":"2023-10-28T00:00:44Z","dateModified":"2024-06-11T07:05:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"The Hidden Signals: Bitcoin’s On-Chain Data Points To Bullish Outlook, But There’s A Catch\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-On-Chain-Data-Points-To-Bullish-Outlook.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-On-Chain-Data-Points-To-Bullish-Outlook.jpeg?fit=350%2C247\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\",\"santiment\"],\"dateCreated\":\"2023-10-28T00:00:44Z\",\"datePublished\":\"2023-10-28T00:00:44Z\",\"dateModified\":\"2024-06-11T07:05:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-On-Chain-Data-Points-To-Bullish-Outlook.jpeg?fit=350%2C247","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/557948"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=557948"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/557948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/557958"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=557948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=557948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=557948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}