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.
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
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 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.
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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