Cryptocurrency analysis platform Santiment said that according to one measurement, Bitcoin may experience a new rise.
Santiment noted that the increase in “bull trap” narratives on social media has led to an increase in FUD within crypto markets.
The analysis platform emphasized that there is a high tendency for crypto asset prices to increase during periods of increased FUD, and therefore this could be a catalyst.
“Traders believe there may be a bull trap in the crypto markets right now. Although Bitcoin momentum has stalled for now, Ether and other altcoins are on the rise. “If FUD were to increase, it could push Bitcoin to $50,000.”
At the time of writing, Bitcoin is trading at $43,955, according to Bitstamp data.
Ether has high potential
Santiment pointed out that the asset has further upside potential as cryptocurrency whales increase the amount of Ether in their wallets.
According to the platform, Ether whales hold 54.6 million Ether worth $128.69 billion in their wallets. This data means that whales have reached the highest amount of Ether they have ever held.
At the time of writing, Ether is trading at $2,348, according to Bitstamp data.
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