While the US inflation data being below expectations excites Bitcoin and altcoins, investors are wondering whether the rise will continue.
While the issue of ascension remains unclear, a new post came from Santiment.
Stating that bullish investors are chasing buying opportunities, Santiment said that bullish investors are waiting for liquidations on DeFi platforms.
Accordingly, investors expect increased liquidations in Aave and Compound as a bullish signal and buying opportunity.
At this point, Santiment said that historically, when liquidations rose in Aave and Compound, these liquidations were immediately followed by forced sales, followed by market recoveries due to opportunistic buying by key investors.
According to Santiment, bullish investors are following Aave and Compound for the rise in the price of Bitcoin (BTC) and Ethereum (ETH), with liquidations there pushing Bitcoin to $70,000; He expects Ethereum to rise to $4,000.
“DeFi liquidations are still noticeably absent.
Historically, when Aave and Compound liquidations surge as we see in these charts, this is immediately followed by forced selling followed by market recoveries due to opportunistic buying from key stakeholders.
“Bullish investors are looking at these liquidations as a sign that Bitcoin and Etheruem could quickly return to $70,000 and $4,000 respectively.”
📊 DeFi liquidations are still notably absent. Historically, when Aave and Compound liquidations spike like we see on these charts, it is followed immediately by market rebounds due to the immediate forced selling followed by opportunistic buying from key stakeholders. Bullish… pic.twitter.com/gjYiukQxbP
— Santiment (@santimentfeed) June 11, 2024
*This is not investment advice.
