Bitcoin Data Reveals Bulls Are Growing But Still Behind March 2024 Peak – Details

Share This Post

Bitcoin has proven unstoppable, breaking all-time highs five times in six days and surging past the $82,000 mark. This latest milestone cements Bitcoin’s momentum as it pushes into uncharted territory, capturing the bulls’ attention and sparking new levels of optimism in the market. 

According to recent data from CryptoQuant, the number of bullish investors is growing rapidly, yet there’s reason to believe Bitcoin’s rally is far from over.

CryptoQuant’s insights indicate that BTC remains significantly below its March 2024 peak in several key metrics, which suggests that Bitcoin may still have room to climb within this cycle. This gap highlights that, despite the impressive gains, Bitcoin could still be building toward a true cycle peak, with potential gains yet to be realized. 

As investor sentiment strengthens and Bitcoin shows resilience at each new level, the market watches closely for signs of continued upward momentum. The next few days will be crucial in determining just how far Bitcoin can go as it solidifies its place in the next phase of this bull run.

Bitcoin Bulls Enter The Room

Bitcoin bulls have returned after eight months of sideways consolidation and significant selling pressure. With Bitcoin now trading 11% above its previous all-time high from March, market sentiment has turned decisively bullish, marking the start of a new trend. 

According to data from CryptoQuant analyst Axel Adler, the number of bullish investors in the market is steadily rising, signaling growing confidence. However, despite this uptick, the current rally lacks the frenzied demand seen during the March 2024 rally, when both retail and institutional interest reached euphoric levels.

Bitcoin bulls are growing

Adler’s data indicates that while bulls have a strong foothold in the market, the pace of accumulation by new retail and institutional participants is still relatively modest. This gap between the current market dynamics and those seen in March suggests that Bitcoin’s latest surge may be just the beginning rather than the end of its upward trajectory in this cycle. 

The slower but steady rise in buying interest could indicate that Bitcoin is still in the early stages of this bullish phase, with room for further growth before reaching a cycle peak.

For investors, this could present a promising opportunity. The subdued retail and institutional excitement level suggests that Bitcoin has yet to capture mainstream attention as it did during previous peaks. If demand rises gradually, Bitcoin may experience sustained growth over the coming months, potentially reaching new highs as momentum builds. 

BTC Setting New High

Bitcoin recently set a new all-time high above $82,000, which many investors previously viewed as a likely local top. However, BTC’s price action remains robust, and it may be too soon to call for a definitive peak. 

Despite this upward momentum, a potential pullback to $77,000 could be on the horizon, as there is an unfilled gap in the CME futures market between $77,000 and $81,000—a technical level that often attracts price action as traders look to close the gap.

BTC futures chart showing a 5% gap

This week will likely bring significant volatility as bulls control the market. With Bitcoin in uncharted territory, some investors may seize the opportunity to lock in profits, which could introduce selling pressure. 

Nonetheless, the dominant trend is bullish, and a brief correction to $77,000 could provide a foundation for further upside. Bitcoin’s strength remains intact for now, but all eyes will be on how it responds to the volatility and whether it can maintain this high range or dip slightly before resuming its climb. 

Featured image from Dall-E, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

TOKYO BEAST Teams up With Tools for Humanity, a Contributor to World Network Co-Founded by Alex Blania and Sam Altman

PRESS RELEASE TOKYO BEAST FZCO (Headquarters: Dubai, United Arab Emirates, General Manager: Tomoe Mizutani, hereinafter TOKYO BEAST FZCO), publisher of the crypto-entertainment project TOKYO BEAST,

Dogizen Raises $1.3m: Why It’s Set To Rule Telegram Gaming in 2025

The post Dogizen Raises $13m: Why It’s Set To Rule Telegram Gaming in 2025 appeared first on Coinpedia Fintech News The Dogizen ICO celebrated another major milestone by smashing past $13m raised

Altcoin Season Begins! 3 Cryptos That Will Surpass ETH in 2024

The post Altcoin Season Begins! 3 Cryptos That Will Surpass ETH in 2024 appeared first on Coinpedia Fintech News The cryptocurrency landscape is shifting as alternative coins rise in prominence With

Trump’s Victory, ETF Hype, Booming On-Chain Activity: Is Solana (SOL) Price About to Go Parabolic?

Donald Trump has emerged in a historic comeback after winning the 2024 US presidential contest, which has rocked financial markets and given fresh life to the cryptocurrency area Major swing states

Could These Be the Next Dogecoin? Investors Are Talking About the Impressive Growth of These Coins!

The post Could These Be the Next Dogecoin Investors Are Talking About the Impressive Growth of These Coins! appeared first on Coinpedia Fintech News Cryptocurrency enthusiasts are buzzing about new

BlackRock’s Bitcoin ETF climbs to top 1% in record-breaking 211 days

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed every exchange-traded fund (ETF) launched in the past decade in terms of total assets On Nov 13, Bloomberg’s ETF analyst Eric