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Here’s What Will Signal a New Bitcoin (BTC) Rally, According to Analytics Firm Santiment

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Crypto analytics firm Santiment says that one indicator could signal the beginning of a positive breakout for Bitcoin (BTC).

As BTC is now trading below the $40,000 level, Santiment points out that gold, on the other hand, is soaring.

At time of writing, gold is up roughly 5% in the last two weeks, which is a considerable amount for the precious metal.

While Bitcoin shows weakness in tandem with a correcting US stock market, Santiment says that if BTC manages to decorrelate from equities, it would be a major sign of a new rally.

“Bitcoin is barely hanging on above $40,000, and this mid-sized drop to end the week coincided with the S&P500 once again dropping. Meanwhile, gold has soared to an eight-month high. Look for a BTC correlation break to be a sign of a positive breakout.”

Source: Santiment/Twitter

In a recent update to investors, an executive of digital asset manager Pantera Capital said something similar about crypto decorrelating from traditional markets.

Joey Krug, Pantera’s co-chief investment officer, noted in the company’s Blockchain Letter that…

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