9 months ago
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Crypto analyst Ali Martinez has provided insights suggesting that the Bitcoin bullish momentum is just starting. Based on this, the flagship crypto token is still likely to keep hitting new highs before the peak of the imminent bull run.
Market Sentiment Suggests More Gains Ahead For Bitcoin
In an X (formerly Twitter) post, Martinez revealed how long-term BTC holders go through a “cycle of emotions” during a bullish period. These investors usually start with capitulation before “progressing through hope, optimism, and belief.” This capitulation phase is when these BTC bulls succumb to the bears, with the Bitcoin bottom coming at some point.
The crypto analyst also noted that these BTC holders experience “a brief period of anxiety” even after the belief phase, which leads to a price correction. However, the market again re-enters a phase of belief after then, which signals potential further gains ahead, Martinez added.
The crypto analyst claims the market has “just merged from a period of anxiety and has re-entered a new phase of belief.” He further stated that this suggests the market will likely witness more momentum for Bitcoin before reaching the “peak of euphoria that characterizes the end of the bullish cycle.”
Going by Martinez’s analysis, there are still new highs for BTC. There is also every likelihood that Bitcoin will surpass its all-time high (ATH) of $68,000. The crypto token has consistently surpassed its previous ATH in every bull run. Interestingly, this always happens months after the Bitcoin Halving takes place.
That is why it is no surprise that the BTC Halving is again predicted to be the event that will fully kickstart the next bull run.
BTC Expected To See Influx Of New Investors
In a subsequent X post, Ali Martinez highlighted how Bitcoin is far from obtaining peak popularity among the general populace. This is based on a Google Search Trends metric, which shows how popular a term like ‘Bitcoin’ is. Currently, BTC is said to have a score of 18, meaning that it hasn’t even reached “mid-popularity.”
The silver lining in this data is that it shows how much more investors Bitcoin could see in the next bull run. Moreover, introducing the Spot Bitcoin ETFs is believed to be perfect timing as these funds could contribute to onboarding the next generation of Bitcoin holders into the crypto space.
A search engine like Google could also have a role to play when these investors become interested in the flagship crypto token. Thankfully, the platform has already blessed the advertisement of crypto-related funds, meaning it will be easy for these users to invest when the time comes.
At the time of writing, BTC trades at around $51,400, up over 2% in the last 24 hours, according to data from CoinMarketCap.
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview
Cover image from Dall-E, Chart from Tradingview
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