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

Bitcoin's recent surge has caught traders' attention, sparking renewed optimism in the crypto market. Over the past three weeks, Bitcoin's price has jumped by 20%

Bitcoin’s recent price surge has not only attracted attention but also sparked optimism in the crypto market. Over the past three weeks, BTC’s price has jumped by 20%, leading to a noticeable shift in sentiment.

According to Santimento, traders are now more bullish than they have been since March 2023.

This upswing in confidence is reflected in the ratio of positive versus negative comments about Bitcoin, which has reached its highest level in over a year. The enthusiasm is largely driven by Bitcoin’s potential to reach an all-time high once again, placing it firmly back on investors’ radars.

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

Several elements may be driving this optimistic outlook, including broader economic patterns, increasing attention from financial institutions, and advancements in cryptocurrency technology. While Bitcoin’s surge continues, traders are keeping a close eye on indicators of sustained momentum.

In the midst of this rally, CryptoQuant’s assessment of Bitcoin’s price fluctuations and the influx of new investors over the past eight years offers interesting perspectives.

Peaks in price history correspond with spikes in new participants, driven by the allure of FOMO (Fear of Missing Out). However, the ongoing bull market presents a unique characteristic.

It diverges from the usual pattern of attracting new participants at peak prices. This shift implies that BTC’s recent surge relies more on spot ETFs and existing investors rather than fresh entrants to the market.

CoinGecko Survey: 43.7% Predict $100K+ for Bitcoin

Meanwhile, CoinGecko’s latest survey sheds light on the market’s expectations for BTC’s price trajectory. A significant 43.7% of respondents anticipate Bitcoin surpassing $100,000 this cycle, reflecting strong confidence in its potential.

Moreover, 17.0% of participants expect it to reach between $91,000 and $100,000. Notably, 15.0% take a more conservative stance, predicting a peak of $75,000.

The survey also reveals that there have been variations in terms of expectations depending on experience levels. Among senior respondents, 51.8% of old hands and 50.5% of those who have gone through a second cycle envision Bitcoin going beyond a $100K. Conversely, just 35.2% of newcomers share this upbeat perspective as many anticipate it to peak at below $80K.

By dissecting predictions based on their roles within the crypto ecosystem, investors are the most hopeful ones with close to 50% expecting Bitcoin to go above $100k. On the other hand, traders as well as developers are modestly confident while watchers hold back more warily; quite a few predict no higher than $75k.

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