In the fast-paced world of digital assets, Santiment, a prominent data analytics firm, has tweeted about a significant increase in discussions related to Bitcoin compared to other top 100 assets.
This surge in social dominance for Bitcoin follows the recent decision by the Federal Open Market Committee (FOMC) to hike interest rates and continuously tease Bitcoin’s $30,000 price level. According to Santiment, such high social dominance is often indicative of fear in the market, which could potentially lead to a price rise.
In a week marked by relative stability, Bitcoin traders were on high alert for potential volatility as the United States Federal Reserve’s interest rate decision approached. Market participants were closely monitoring the situation, aware that macro triggers could have a significant impact on the cryptocurrency’s price.
As per the current analysis, BTC’s price stands at $29,531.01, showing a 2% increase in the daily chart. However, given the potential effects of the Federal Reserve’s decision, this value could experience rapid fluctuations in the short term.
Bitcoin Macro Spiral Clock Insights
Meanwhile, crypto enthusiast John Osterman shared intriguing insights on Twitter regarding the Bitcoin Macro Spiral Clock. The clock’s current position is approximately at 9:45, and it completes a full cycle in about four years, encompassing precisely 210,000 BTC blocks. Notably, the last two all-time highs for Bitcoin occurred around 4:30 on the clock, while the last three crashes hit the bottom at around 7:30.
Moreover, John’s analysis points out that all halvings, a critical event in BTC’s supply schedule that reduces block rewards by half, occur precisely at 12 o’clock on the clock. The next halving is scheduled to take place around April 2024.
Interestingly, John’s findings suggest that BTC’s bull runs tend to take off about six months after halvings, occurring at approximately 1:30 on the clock. The next bull run is projected to occur around November 2024, following the anticipated halving in April 2024.
Nevertheless, these insights from both Santiment and John Osterman provide valuable perspectives on the current market sentiment and the potential future trends for Bitcoin.
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