While the leading cryptocurrency Bitcoin rose above $ 44,000 again after the news about the approval of spot Bitcoin ETFs, a BTC warning came from Santiment.
At this point, looking at the supply/profit ratio, Santiment stated that this ratio gives a warning for BTC and said that Bitcoin's supply/profit ratio is at 89%.
Stating that this level is a cautious level for Bitcoin as the new year is just around the corner, Santiment drew attention to two altcoins that show signs of rise in the short term while BTC gives a correction signal.
Santiment stated that these altcoins are Polygon (MATIC) and Litecoin (LTC) and said:
“Bitcoin's supply/profit ratio is at 89%. This level is a level at which BTC should be cautious as we enter the new year.
Further increases are more likely to occur when this level is between 40% and 70%. However, this level is high and investors should be careful.
While this is the case with BTC, popular altcoins MATIC and LTC are in the opportunity zone in the short term.”
📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz
— Santiment (@santimentfeed) December 21, 2023
*This is not investment advice.
