The post Local Peak Seen in Bitcoin? Analyst Cites These 5 Altcoins as Examples appeared on BitcoinEthereumNews.com.

Cryptocurrency analysis firm Alphractal has suggested that a local peak may have formed in Bitcoin’s price, noting a significant divergence between Bitcoin’s Long/Short Ratios and several major altcoins. Alphractal noted in his statement that when the altcoins’ Long/Short Ratio deviates significantly from Bitcoin’s, this has historically signaled a local top in Bitcoin’s price action. “Altcoins like XRP, ONDO, LINA, KAS, and DOT are among the altcoins with the highest Long/Short Ratios, contributing to an average value of 2.48 across all altcoins,” Alphractal said. In comparison, Bitcoin’s Long/Short Ratio currently stands at 0.87, indicating a significant number of investors are short. This trend has been pushing Bitcoin’s price upwards recently. However, Alphractal warned that such low Long/Short Ratios for Bitcoin are unlikely to continue for long, as they typically signal a shift in market sentiment. The firm noted that when the gap between Bitcoin’s Long/Short Ratio and altcoins grows particularly large, the Bitcoin price struggles to maintain its upward momentum, forming local tops over the past 240 days. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/local-peak-seen-in-bitcoin-analyst-cites-these-5-altcoins-as-examples/

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Filed under: News - @ October 23, 2024 1:14 am