Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential

Christian Encila

11 months ago

3 mins read

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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

The New Bull Market

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.

Bitcoin is now trading at $69,597. Chart: TradingView

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 Anticipation

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.