Are BTC, ETH, and DOGE primed for a bullish Q2? Gauging…
- Bearish sentiment in the global crypto market has declined by over 35%.
- BTC and ETH seemed to be doing fine, while memecoins made the most of the situation.
Santiment’s latest tweet was quite interesting, as it gave good news regarding the start of the new quarter. A considerable uptick was registered in optimistic keywords like bullish, buying, and bottom. This was contrary to the previous week, which was dominated by bearish sentiment.
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🤞 Traders have started the week with a big uptick in optimistic keywords like #bullish, #buying, or #bottom. The weekend actually had spikes in more negative words like #bearish & #selling. Watch for the crowd getting too prematurely excited about $30k. https://t.co/iXMa7s1pcs pic.twitter.com/kd7DL8EFDN
— Santiment (@santimentfeed) April 3, 2023
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A similar positive outlook of the market was also revealed by LunarCrush’s data, which showed a decline of over 35% in the overall bearish sentiment. Therefore, can investors expect Q2 to begin with cryptos registering gains on their charts?
Will BTC set an example?
As the market is turning bullish, investors’ expectations from Bitcoin [BTC] have also increased as several hope for BTC to touch the $30,000 mark. A look at BTC’s on-chain metrics also supported this possibility. For instance, BTC’s exchange reserve was declining, which is a positive signal as it signifies less selling pressure.
CryptoQuant’s data revealed that long position traders are dominant and are willing to pay short position traders, which too looked bullish. It was also interesting to see a decline in BTC’s supply on exchanges, suggesting increased accumulation.
Recently, Bitcoin’s emission intensity reached a new all-time low (ATL). This was optimistic for the Bitcoin mining industry and can also help increase positive sentiments around BTC in the market.
A look at ETH
CoinMarketCap revealed that the daily charts of several altcoins were painted green, including Ethereum [ETH]. This suggested a bullish upper in the market.
While Ethereum continued to rise, a few of the cryptos did not maintain their price pumps, such as Ripple [XRP], which had earlier surged considerably.
Nonetheless, Ethereum’s health seemed to be decent, as its metrics were in the bulls’ favor. Ethereum’s net deposits on exchanges were low, compared to the seven-day average, which was bullish.
ETH’s Taker Buy Sell ratio pointed out that buying sentiment was dominant in the market, reflecting investors’ confidence. Ethereum’s MVRV ratio was also considerably high, further increasing the chances of a continued price surge.
The Meme game is on!
A market assessment would be incomplete without checking the state of the top two memecoins, namely Dogecoin [DOGE] and Shiba Inu [SHIB]. DOGE’s price surged nearly 30% in the last 24 hours.
Realistic or not, here’s DOGE market cap in BTC’s terms
The reason behind the uptrend was the entire Twitter episode, in which the microblogging website changed its logo to DOGE, sparking excitement in the community. SHIB also benefited from the situation, as its price went up by over 6% in the last 24 hours.
Q2 to begin on a good note?
LunarCrush’s data revealed that the global crypto market cap has also risen over the last week by 2%. Therefore, considering the current market condition and increased bullish sentiments, the chances of witnessing a bull market during the early days of Q2 2023 seemed likely.