Top crypto analytics firm says Bitcoin (BTC) is showing signs of a notable rally as trader sentiment turns sour

Crypto market news platform Santiment says a somber reaction to that Bitcoin (BTC) below $30,000 earlier in the week is needed for a recovery.
Santiment says the purge of traders and investors exiting the market at the first sign of falling prices usually results in a “really remarkable bounce” thereafter.

“With bitcoin now down as low as $33,900, trader sentiment has fallen to a six-week low. We usually prefer to see surrender signs like this since weak hands leaving space are generally what it takes for a truly remarkable jump.
Source: Santiment/Twitter
Bitcoin is trading at $31,313 at the time of writing.

In case of Ethereum (ETH)the market research platform for cryptocurrenciessays a sign that the bottom is near came on Friday as the ratio of profitable to loss-making transactions fell to a 42-month low.

“On the Ethereum network, about 3.4 times as many transactions were made on Friday, while coins were at a loss compared to gains. This was the highest day in terms of ETH capitulation trade rate since November 18, 2018, or 3.5 years ago.”
Source: Santiment/Twitter
Ethereum is trading at $2,319 at the time of writing, down almost 7% over the past day.

Santiment is also watching Chainlink (LINK)a decentralized network that provides off-chain data for the smart contracts of various blockchains.

According to the Crypto Market Intelligence Platform, the native token of the Blockchain-Oracle an accumulation of whales amid a price drop to levels last seen in September 2020.

“Chainlink has fallen below $10 for the first time in 18 months as crypto markets end another week of price corrections. However, addresses of key stakeholders seem to be in accumulation mode over the last 4-6 weeks.”
Source: Santiment/Twitter
Chainlink is trading at $8.36 at the time of writing.
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