While Bitcoin and altcoins are undergoing a significant correction following the ETF approval, on-chain analysis firm Santiment continues to attract attention with its analysis.
At this point, Santiment, who recently shared his analysis of Bitcoin Cash (BCH) and Loopring (LRC), argued that these two altcoins could rise.
Santiment pointed out that many short positions were opened on Binance for BCH and LRC after the sharp declines in the market, and stated that this could be a bullish signal.
“Bitcoin Cash (BCH) and Loopring (LRC) are among the most shorted assets on Binance after the crypto market dropped heavily this week.
While BCH and LRC are already showing signs of rise, liquidating opened short positions can serve as fuel for future rises.”
*This is not investment advice.