Santiment Warns Speculation in Altcoins Signals Greed, Risk of Bitcoin Retracement
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Interest and speculation in altcoins has risen lately, which analytics firm Santiment sees as a sign of greed in the market.
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The crypto market rally this past week has led to speculation about new Bitcoin price levels, while altcoins have seen prices flip.
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Santiment observes a pattern where Bitcoin pumps first, profits flow into altcoins, then Bitcoin retraces mildly while altcoins drop more drastically.
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Santiment warns that if open interest rises greatly in speculative altcoins, then the third step of Bitcoin retracement while altcoin prices crash may happen quickly.
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At the time of writing, Bitcoin was trading around $48,196, up 1.41% over the last 24 hours.