Santiment Anticipates Short-term Crypto Rebound amid Low Bullish Optimism
The crypto market could soon follow gold in a bullish breakout fueled by macroeconomic conditions.
The meme coin industry will lead in the next altseason due to its mainstream adoption.
in’s fear and greed index hovered around 41 percent, suggesting the crowd has not fully recovered from the recent bullish rejection. Moreover, Bitcoin price has been forming a macro falling channel in the past seven months and is likely to continue with lower lows if it falls below $60K.
With the altcoin industry largely moving in tandem with Bitcoin, a bearish outlook for the latter could lead to further bleeding in the near term.
Silver Lining for the Crypto Market
According to market intelligence platform Santiment, the chances of a further crypto rebound in the near term are higher based on the crowd’s sentiment. The firm noted that the low optimism for a crypto bull run in the coming weeks could be a signal for an inevitable rebound ahead.
Furthermore, the mentions of ‘Uptober’, a narra
🎃 Mentions of “Uptober” have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce. 📈 https://t.co/iACWMGPvSs
— Santiment (@santimentfeed) October 3, 2024
🎃 Mentions of “Uptober” have declined significantly, painting a picture that traders have become much more bearish on the idea of this month being an automatic money printer for crypto. The lack of optimism opens the door for (at least) a short-term bounce. 📈
— Santiment (@santimentfeed)
With the notable crypto in the past few days, the chances of bullish re-emergence have significantly increased. Furthermore, the gold price has continued with its macro bull run for the better part of 2024, and its impact is likely to trickle down to the entire crypto industry.
The mainstream adoption of web3 and digital assets, fueled by favoring regulatory frameworks in different jurisdictions, will be a major contributing force to the overall crypto bull run. Additionally, the US Fed is expected to begin its quantitative easing program after initiating its first interest rate cut for the first time since the COVID-19 pandemic.
The ongoing geopolitical tensions in the Middle East and between NATO and Russia ahead of the 2024 US general elections will further catalyze the crypto bull run in the subsequent months.
Top Altcoins to Consider Ahead
The rising crypto cash rotation in favor of the altcoins signals a major bullish breakout in the near term. The meme coin industry led by Dogecoin , Shiba Inu , Pepe , and Floki Inu is expected to register palpable gains in the coming quarters.
However, it is also prudent for crypto investors to consider utility-based altcoins that have a vibrant on-chain community and developer base, led by DEX tokens such as Uniswap , PancakeSwap , and Sushi , among others.
