As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless bull runs and corrections, from the dot-com bubble to the cryptocurrency revolution. The current rally in Bitcoin is particularly intriguing, given its rapid pace and the potential for it to breach the $100,000 mark.
Following a week of stabilization and minor adjustments below $90,000, Bitcoin‘s upward trend picked up again yesterday, reaching a new high of more than $94,000 on its price chart.
Based on both blockchain transactions and social media activity, there’s a strong possibility that the value of this asset might continue rising. The intriguing point is whether it can sustain its momentum to reach the sought-after price point of $100,000.
BTC’s ATH Driven by…?
Yesterday saw Bitcoin soaring towards an all-time high of $94,040, as reported by CryptoPotato, with prices barely missing the $94,000 mark the day prior. Experts attribute this rise primarily to the influence of US-based ETFs.
Demand for Bitcoin ETFs has remained robust, with more than $1 billion in net inflows during the first two trading days of the week. At the same time, the introduction of the BlackRock iShares Bitcoin Trust (IBIT) yesterday generated substantial trading activity. According to Bloomberg’s ETF expert, James Seyffart, these increased volumes likely contributed to Bitcoin reaching new record highs today.
Regarding the possibility of Bitcoin’s continued rise, Santiment recently presented a graph indicating that the present level of Fear Of Missing Out (FOMO) is significantly lower than the exuberance observed following Donald Trump’s victory in the 2016 U.S. presidential elections two weeks ago.
Typically, excessive fear of missing out (FOMO) often triggers corrections, much like what we saw recently. However, things look a lot more promising in the current market environment.
Bitcoin has reached a fresh record high of $94,002, yet the buzz on social media seems muted at most. This restrained excitement could be a positive indicator since excessive fear-of-missing-out (FOMO) often triggers corrections. As long as average traders remain skeptical, large investors, or “whales,” can…
— Santiment (@santimentfeed) November 19, 2024
The Healthier Landscape
As a researcher, I have consistently observed that even prior to Bitcoin’s peak, and in the absence of strong Fear of Missing Out (FOMO), our analytical platform has indicated that the long-term prospects for Bitcoin and the broader market appear quite robust.
The Mean Dollar Invested Age line indicates a decrease, which means the “average age of tokens held in these wallets is tending to become “more recent.
According to Santiment, in prolonged bull markets, it’s crucial for older, seldom-used cryptocurrencies to re-enter circulation. This phenomenon has been particularly noticeable since large whale coins that had been dormant started actively moving again in October 2020.
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2024-11-20 11:27