Is This the Ultimate Bullish Signal for BTC and XRP?

The cryptocurrency market experienced some turbulence at the end of the business week, with multiple assets dropping by up to 10% from their local peaks.

BTC and XRP are no exception. Both dropped hard, driven to an extent by FUD from large sell-offs. Now, though, Santiment has outlined a big bullish sign.

BTC, XRP to Reverse Trajectories?

Remember Warren Buffett’s wisdom about investing – buy when others are fearful and sell when they are greedy? This narrative has been particularly impactful in the cryptocurrency market, where greed and fear often dominate investors’ thoughts.

Santiment has also been a massive proponent of the thesis, and the company’s latest post highlights the recent changes in investors’ behavior. According to the overall social dominance, it determined that BTC and XRP have dropped out of the greed zone, even though both registered new all-time highs just last week and are currently trading close below them.

This is mostly because BTC dumped from over $123,000 to under $115,000, while XRP slipped from $3.65 to just below $3. However, Santiment said markets tend to move in the opposite direction of what the crowd expects, which “actually makes BTC and XRP buy-low candidates.”

https://twitter.com/santimentfeed/status/1948812898643386500?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

The same theory cannot be applied to ETH at the moment, though. The second-largest digital asset has soared by triple-digits from its April lows, and retail investors continue to be greedy, which might not be such a good sign for it.

Galaxy Completes Sell-Off

Perhaps driven by substantial sell-offs initiated by Galaxy Digital for a third party, BTC’s price slumped hard yesterday to a two-week low. However, Mike Novograz’s company announced late on Friday that it had successfully executed “one of the largest national bitcoin transactions in the history of crypto on behalf of a client.”

“Galaxy completed the sale of more than 80,000 bitcoin—valued at over $9 billion based on current market prices—for a Satoshi-era investor, representing one of the earliest and most significant exits from the digital asset market.”

With such a massive sell-off out of the picture and retail’s lack of greed for BTC, the asset could be primed for another leg up to and beyond its all-time high.

The post Is This the Ultimate Bullish Signal for BTC and XRP? appeared first on BitcoinLinux.