According to Santiment, the crypto king could soon surpass the $30,000 level if keyholders continue the trend of exchanging stablecoins for Bitcoin (BTC).
New data from the market information platform reveals that Bitcoin whales are starting to trade their stablecoins for the king crypto assets after months of reducing their BTC supplies.
Santiment adds that BTC sharks have also started collecting the flagship crypto asset.
“After a month of whales slightly reducing their Bitcoin bags, we have seen some trade their stablecoins for more BTC. If this trend continues, we could see a rapid rebound in prices to $30,000 and beyond.”
The crypto analytics company too say that Bitcoin’s address activity is at its highest level in months and that traders have been moving BTC at a loss. According to Santiment, these signals suggest that Bitcoin is poised to see a price increase in the near term.
“Bitcoin address activity surged to its highest level in 3.5 months in August. This increase in utility, combined with large losing trades and negative sentiment, is a strong sign that a near-term (at the very least) BTC price rise is more likely.”
Bitcoin is trading at $29,121 at the time of writing, a fractional drop over the past 24 hours.
Sanitation continues participation that traders should keep an eye on “polarizing topics” such as the post-halving performance of the peer-to-peer payment network Litecoin (LTC) and the U.S. Securities and Exchange Commission’s (SEC) continued enforcement action against the industry.
According to the analytics company, these stories could influence the direction of the crypto markets.
“Keep an eye out for polarizing topics such as Curve, RWA (real-world assets) and the Litecoin halving price performance as the week draws to a close. These topics, in addition to ongoing exchange and SEC drama, will drive markets up or down for now.
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