Bitcoin Bottom May Be Near as 30,000 Wallets Disappear: Santiment

Bitcoin may be approaching a local bottom as smaller holders retreat, according to Santiment’s latest analysis. Falling wallet participation could support a recovery, with $80,000 support and a move back above $82,500 central to the setup. A potential bitcoin bottom may be taking shape as smaller holders appear to abandon positions after weeks of stagnant prices. Blockchain analytics platform Santiment shared that assessment on Oct. 26. Its analysis of declining wallet participation identifies roughly 30K fewer nonempty wallets since Oct. 16, bringing the total near 59.95 million. The firm’s interpretation centers on retail capitulation, a term describing smaller investors giving up and selling during market weakness. A contrarian signal suggests prices may move against the crowd’s expectations, with widespread pessimism potentially indicating that a recovery is approaching.

First reported by Bitcoin.com News. This page is a short excerpt; the full text is theirs.