Cryptocurrency analysis firm Alphractal believes that Bitcoin may have reached a local peak in its price due to a significant divergence between Bitcoin's Long/Short Ratios and those of several major altcoins. Altcoins like XRP, ONDO, LINA, KAS, and DOT have high Long/Short Ratios, while Bitcoin's ratio is currently low, indicating that many investors are short. This trend has been driving Bitcoin's price upwards, but Alphractal warns that such low ratios for Bitcoin are unlikely to last and may signal a shift in market sentiment. Historically, when the gap between Bitcoin's Long/Short Ratio and altcoins widens, Bitcoin has struggled to maintain its upward momentum and has formed local tops. This analysis is not investment advice.
- Content Editor ( en.bitcoinsistemi.com )
- 2024-10-22
Local Peak Seen in Bitcoin? Analyst Cites These 5 Altcoins as Examples