Sour crypto mood could fuel an ‘unexpected rally’ this month: Santiment

Crypto could see an “unexpected November rally” with the latest indicators showing traders are getting increasingly fearful, which usually results in a shift of money from weaker hands to long-term accumulators. 

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However, Santiment said traders’ souring moods could be “welcomed news for the patient,” and fuel an “unexpected November rally,” because there are more diamond-handed holders waiting to snap up what weaker hands sell.

“When the crowd turns negative on assets, especially the top market caps in crypto, it is a signal that we are reaching the point of capitulation,”  Santiment said.

“Once retail sells off, key stakeholders scoop up the dropped coins and pump prices. It’s not a matter of if, but when this will next happen.”

Samson Mow, the founder of Bitcoin technology infrastructure company Jan3, who argued the Bitcoin bull run is yet to begin last week, shared a similar opinion on Tuesday, claiming that “newish buyers” are the only ones selling and traders with long-term holding plans are using it as a chance to stack more crypto into their wallets.

Related: Bitcoin whale and retail major ‘divergence’ is a warning sign: Santiment

Holders with conviction snapping up coins

Mow argues that selling pressure is coming from people who bought Bitcoin in the last 12 to 18 months and are taking profits due to fears that the cycle has peaked.