The price ofbitcoin” target=”_blank” rel=”nofollow”> bitcoin The price of gold has risen by an impressive 20% over the past three weeks, which has once again caught the attention of traders and investors. The strong rise in prices has caused a major change in the market mood. Traders are feeling more hopeful than in the past two weeks.
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The ratio of positive to negative comments about the leading crypto asset has reached its highest point in over a year, data provided by Santiment shows. This is an indication of the renewed enthusiasm that the cryptocurrency industry is experiencing.
There are several reasons for this surge. Market observers cite emerging technology, institutional interest, and economic trends as the key drivers. These elements have restored investor confidence and reintroduced bitcoin to both new and experienced users.
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bitcoin's 20% price rally in three weeks has left traders much more optimistic than they were at the start of the month. The ratio of positive to negative comments towards btc has reached its highest level since March 2023 as an all-time high is back on the radar. image.twitter.com/sDbsAK9qCg
— Santiment (@santimentfeed) twitter.com/santimentfeed/status/1817381929286771162?ref_src=twsrc%5Etfw” rel=”nofollow”>July 28, 2024
The new bull market
According to historical patterns, bitcoin price spikes have generally coincided with a rise in new cryptocurrency players and companies that are motivated by fear of missing out, or FOMO.
Still, spot ETFs and existing investors appear to be driving the increase more than new entrants to the market. This new trend shows a more sustainable development path because it does not rely on new investors joining at a high rate.
CryptoQuant research supports this by showing that when the price of bitcoin has reached its highest point, there have often been many new users.
However, there currently appears to be a solid base of existing buyers and institutional support behind the surge. This shift in factors could mean that bitcoin’s growth will be steadier 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 sustain the enthusiasm surrounding bitcoin’s recent success. Currently, bitcoin is trading 30.32% below the projected price for the next month.bitcoin/predictions” target=”_blank” rel=”nofollow”> It is expected to continue its upward trend. In the short term, CoinCheckup data shows.
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bitcoin is projected to grow by 46.16% in three months and 52.09% in six. This strong momentum is supported by a positive RSI divergence, which indicates increased optimism. Ascending triangles and strong support levels reinforce these optimistic predictions.
Looking ahead, the one-year estimate suggests a remarkable 130% upside, reflecting a strong long-term bullish view for bitcoin. Strong technical support levels and patterns point to significant upside potential, making bitcoin a desirable investment option for anyone looking to profit from its uptrend.
Featured image from Pexels, chart from TradingView
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