Experience a decrease in less than $40,000 Beginning this year, and then steadily rising above $42,000, the price of bitcoin (btc) has witnessed a rollercoaster of fluctuations during this bullish phase.
bitcoin price has skyrocketed beyond the $50,000 mark, meeting investors' expectations and hopes and confirming bitcoin-news/this-bitcoin-historical-pattern-could-send-price-to-50000-before-major-correction-analyst/” target=”_blank” rel=”noopener nofollow”>predictions from several crypto analysts.
bitcoin reaches all-time highs above $50,000
Recently, bitcoin, the world's largest cryptocurrency, experienced a bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go/” target=”_blank” rel=”noopener nofollow”>price increase above $50,000, indicating its exit from bearish price trends. The unexpected price increase marked an important moment for the cryptocurrency, as many crypto analysts had predicted the price of bitcoin. reaching $100,000 during the bull phase of 2024.
At the time of writing, the price of the cryptocurrency was $50,049, reflecting a notable 16.70% increase in the last seven days and a 4.23% increase in the last 24 hours, according to CoinMarketCap . The cryptocurrency has seen a 4.24% increase in its market capitalization, now exceeding $983 billion.
As a result, popular cryptocurrency analyst Ali Martinez has taken to X (formerly Twitter) to discuss The recent bitcoin price surge and its impact on investor sentiment and the crypto market in general.
Sharing a graph illustrating the evolution of long-term holder sentiment, Martínez explained that bitcoin-holders-moving-big-number-of-whale-wallets-reaches-highest-count-in-15-months/” rel=”nofollow noopener” target=”_blank”>bitcoin holders They tend to go through a series of emotions during a bullish period. These emotions start out positive and strong before gradually leading to the usual fear, uncertainty, and doubt (FUD) scenery.
It revealed that cryptocurrency investors and traders begin a bullish phase with capitulation, progressing through hope, optimism and belief, and eventually experiencing anxiety. This anxiety usually indicates a possible correction in the price of a cryptocurrency.
The crypto analyst revealed that market sentiment enters another phase of belief after the price correction stage.which often indicates the possibility of a subsequent price increase.
It seems that the market has just come out of its period of anxiety and has re-entered its new phase of confidence. Martínez has compared this transition to a positive development for bitcoin, predicting further gains for the cryptocurrency during btc/bitcoin-bulls-keep-pushing-43800/” rel=”nofollow noopener” target=”_blank”>the bull market.
bitcoin bull cycle nears peak performance
According to Martínez, the bitcoin/bitcoin-bull-run-2024-inevitable/” rel=”nofollow noopener” target=”_blank”>bitcoin bull cycle may be approaching its zenith, potentially reaching an all-time high not seen since November 2021, when the price of bitcoin rose to nearly $70,000.
The crypto analyst revealed that bitcoin has entered a bullish phase that could bitcoin/expert-bitcoin-price-rally-58000/” rel=”nofollow noopener” target=”_blank”>drive its price to new levels. He explained that after this bullish momentum, the cryptocurrency could reach the “euphoric peak,” which typically characterizes the end of a bullish cycle.
Martínez stated that the next significant level of resistance is around $57,000. He revealed that support levels for bitcoin remain strong, having greater chances of breaking through resistance levels and potentially driving the cryptocurrency higher.
Dall-E cover image, Tradingview chart
