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#Bitcoin Market Update Bitcoin and Altcoins have shown an upward trend: The remaining prices may catch up!
An important divergence has occurred, indicating that the upward trend in Bitcoin (BTC) and altcoins may strengthen.
The crypto market, especially since 2022, has started to show a high correlation with stocks due to the influence of institutional investors. However, according to data shared by Santiment, this relationship has deteriorated in the last two weeks. Since August 22, while the price of Bitcoin has decreased by 5.9%, the S&P 500 index has increased by 0.4%. During the same period, the price of gold, known as a safe haven, has also increased by 5.5%.
This situation reveals that Bitcoin is lagging behind global economic indicators. According to Santiment, historically, during periods of such divergences, cryptocurrencies often tend to "catch up" with price trends in stocks and commodities. Therefore, Santiment points out that the current picture has the potential for a short-term recovery in the crypto market.
It could be an opportunity for Bitcoin and Altcoins.
Santiment states that as the price gap between Bitcoin and stocks widens, the likelihood of a recovery in crypto strengthens even further. This is seen as a strong argument for a potential new wave of bullishness in the market. Investors will be watching closely in the coming weeks to see if Bitcoin can close this gap.
IT IS NOT INVESTMENT ADVICE