- Santiment tweeted their latest Insights report for Bitcoin (BTC).
- The report highlighted that a long-term bullish technical flag has been triggered for BTC.
- At press time the crypto market leader’s price is up 0.47% over the last 24 hours.
The blockchain analytics firm Santiment (@santimentfeed) tweeted this morning that the average returns for long-term and short-term Bitcoin (BTC) holders has “blasted into positive territory for the first time in 14 months.
In the tweet, Santiment also shared their latest Insights which covers how this key technical event is valuable in attempting to gauge the next bull run.
The average returns for #Bitcoin amongst long-term hodlers and short-term "new money" has blasted into positive territory for the first time in 14 months. Our latest insight covers how this key indicator cross is valuable to gauge the next #bullrun. https://t.co/g2lSi9OXoI pic.twitter.com/50z1LPmXcD— Santiment (@santimentfeed) March 20, 2023
The report published yesterday started by stating that one of Santiment’s tools, the MVRV Long/Short Divergence, is a key indicator in aiding investors in long-term decisions. According to the report, this indicator has historically signaled the end of the bear cycle for the crypto market leader whenever the Long/Short Divergence line crossed 0.
The report added that the Long/Short Divergence line recently crossed 0 but cautioned that this does not mean the bear market is over yet. Santiment warned investors and traders that BTC’s price may actually drop in the coming weeks given that the MVRV Long/Short Divergence indicator is a long-term indicator.
Santiment’s Insights concluded by stating that a possible strategy to trade BTC in the coming months would be to wait for the Long/Short Divergence line to cross 0, brace for a market crash, and then enter into a long position. Since the Long/Short Divergence line has crossed 0, traders and investors may need to brace for a crash in BTC’s price in the coming weeks.
At press time, BTC’s price stands at $27,759.57 following a 0.47% increase over the last 24 hours. This is according to CoinMarketCap. This slight 24-hour increase in BTC’s price has added to its positive weekly price performance – pushing it to +13.25% at press time.
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