Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential
July 29 2024 - 8:30AM
NEWSBTC
The price of Bitcoin has gone up an impressive 20% in the last
three weeks, which has once again drawn the attention of traders
and investors. The solid price ascent has caused a big change in
the market’s mood. Traders are feeling more hopeful than they have
since the last couple of weeks. Related Reading: Technical
Indicators Show Strong Bitcoin Bullishness – New ATH On The
Horizon? The ratio of positive to negative comments about the top
crypto asset has registered its highest point in more than a year,
data provided by Santiment show. This is an indication of the
renewed enthusiasm that the cryptocurrency industry is
experiencing. There are various causes of this increase. Market
observers cite emerging technology, institutional interest, and
economic trends as the key drivers. These elements have restored
investor trust and reintroduced Bitcoin to new and experienced
users. 🤑 Bitcoin’s +20% 3-week price rally has left traders feeling
a whole lot more bullish than they were at the beginning of the
month. The ratio of positive vs. negative comments toward BTC has
launched to its highest level since March, 2023 as an all-time high
is back on radars. pic.twitter.com/sDbsAK9qCg — Santiment
(@santimentfeed) July 28, 2024 The New Bull Market Based on
historical patterns, Bitcoin price spikes have typically matched an
increase of new crypto players and companies that are motivated by
fear of missing out, or FOMO. Still, spot ETFs and current
investors seem to be driving the spike more than new market
entrants. This new trend shows a more sustainable development path
because it doesn’t rely on new investors joining at high rates.
CryptoQuant’s research backs this up by showing that when Bitcoin’s
price has reached its highest point, there have often been a lot of
new users. Currently, however, there seems to be a strong base of
existing buyers and institutional support behind the rise. This
change in factors could mean that Bitcoin’s growth will be more
steady and less volatile. This could also mean that price swings
will be less extreme than they have been in the past. Positive
Anticipation Positive technical indications and optimistic price
forecasts help to support the enthusiasm around the recent success
of Bitcoin. Currently selling 30.32% below the projected price for
next month, Bitcoin is predicted to keep on its upward trend in the
near term, data from CoinCheckup show. Related Reading: Fantom
(FTM) Regains Momentum After Weeks Long Bleed – Will This Continue?
Bitcoin is anticipated to grow 46.16% in three months and 52.09% in
six. Supporting this strong momentum is a positive RSI divergence,
indicating increased optimism. Rising triangles and solid support
levels reinforce these optimistic predictions. Looking ahead, the
one-year estimate suggests a notable 130% increase, which reflects
a strong long-term optimistic view of Bitcoin. Strong technical
support levels and patterns point to significant upside potential,
which makes Bitcoin a desirable investment choice for anyone
wishing to profit from its increasing trend. Featured image from
Pexels, chart from TradingView
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