As a seasoned researcher with over two decades of experience in financial markets, I must say that the recent surge of Bitcoin to $102,650 is nothing short of astounding. The cryptocurrency market has always been unpredictable, but this rapid growth has left even the most ardent Bitcoin enthusiasts scratching their heads.
On Saturday, during its trading session, Bitcoin, the pioneering and most valuable cryptocurrency according to market capitalization, reached a peak of $102,650. As the crypto market concluded its week, it saw an uptick in value.
Based on findings from Santiment, even though Bitcoin’s price is rebounding, the conversations about purchasing Bitcoin on social media are surprisingly quiet, suggesting a generally cautious attitude among investors.
The absence of excitement could signal an important turning point for Bitcoin’s future price fluctuations, as on-chain data provides valuable insights into when to consider buying or selling based on the timing of possible market shifts.
As a researcher observing the crypto market, I’ve noticed that Bitcoin has rebounded to around $101.5K as we wrap up this week. There’s been a noticeable lack of buy call discussions on social media. However, for those seeking to capitalize on Bitcoin’s next significant price movement, this chart could prove invaluable. It provides insights into ideal buying moments when fear is prevalent (among the crowd) and selling opportunities when greed takes over (also among the crowd).
— Santiment (@santimentfeed) December 14, 2024
Based on data from Santiment, it appears that the optimal moments to purchase assets are typically during periods of widespread fear or panic among the public, while the ideal times to sell tend to be when the public exhibits excessive greed.
According to a chart shown by Santiment, when there was a higher number of sellers compared to buyers for Bitcoin on November 26th and December 2nd, Bitcoin’s value increased. However, when there were more buyers than sellers for Bitcoin on November 21st and December 5th, its value dropped afterwards.
At present, the subdued buy orders being noticed on social media platforms could imply that the market isn’t quite at the point of extreme enthusiasm or greed. This could mean that Bitcoin may have potential for further growth before it reaches a level where selling might be more profitable.
Bitcoin surpasses $102,000
On Wednesday, the crypto market experienced a significant boost, rebounding after a couple of days of calmness following Bitcoin’s record-breaking surge to $100,000 just a week ago.
The rise in consumer prices as anticipated in November, by 0.3% from October and 2.7% compared to last year, has given cryptocurrencies a fresh surge. Some market analysts think this could pave the way for another interest rate reduction by the Federal Reserve during their meeting next week, which further encourages investment in digital currencies.
Today, the price of Bitcoin tested the $102,000 mark for a second time this week, with the initial test occurring on Thursday. In the current trading session, it peaked at an intraday high of $102,650.
Investors anticipate Bitcoin’s price will fluctuate around the $100,000 mark for now, but they are hopeful it could potentially double in the upcoming year. Bitwise and Bernstein forecast a peak of $200,000 in 2025, while Fundstrat’s Tom Lee predicts an “upward potential to $250,000” by next year in his latest analysis published on Wednesday. Bitcoin’s most recent record price was $103,844.
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2024-12-14 16:53