The sell-off on the cryptocurrency market pushed the price of the largest cryptocurrency below the $20k mark. Now, Bitcoin [BTC][1] returns back to the $21,000 range, providing some relief to the investors.
But the question remains, can the bulls keep the momentum going?
A potential rally in the works?
Different Bitcoin holders seem to have entered a capitulation[2] phase. Many even fear the end of the cryptocurrency reign. Consider this, the “Bitcoin Dead” searches on Google touched[3] an all-time high over the last weekend. Alex Kruger[4], a famed economist, in a 20 June tweet highlighted this stat.
Nonetheless, such rock-bottom sentiments tend to bring out a potential rally. On-chain data provider Santiment opined[5],:
“Bitcoin’s plummet to $17.7k this weekend brought out the most discussion related to the #1 market cap asset in 2022. We often see major price reversals correlate precisely with high social volume rates, and $BTC[6] has jumped +15.8% since.”
Here’s a graphical representation- BTC reaching the $17.7k mark caused the largest amount of BTC discussion of the year.
Source: Santiment
As past bore the witness[7], the low and negative sentiment could inject a potential rally as whales tend to accumulate.
On-chain analytics resource Whalemap, meanwhile, highlighted the dip-buying by major investors at levels below the seminal $20,000. This could become a great short-term support for the flagship coin.
Even analysts maintained a similar narrative around Bitcoin. “BTC is in a macro bottoming period for this cycle,” renowned trader and analyst Rekt Capital[8] tweeted[9].
“Over the next years, investors will be rewarded for buying here. Yet, many still wait for $BTC to go even lower to buy. It’s like waiting for Summer to
