Here is my take on where Bitcoin looks to run - many critical factors around the sentiment we are currently tracking in our longer-term charts - We’ve witnessed a one-year bear market. We’ve also seen the one-year accumulation. And now we’re getting ourselves into the period of the first year of the bull cycle, which means that most likely the high is going to be around $50,000 to $53,000.”
Sentiment run began heavily in mid-august - even on accumulation at that time would put you up. 38%. The intriguing part of our sentiment trends is what could be in the wings for Bitcoin - estimating about a 3-5 point increase in the next few weeks based on overall NLP analysis.
Retail interest in Bitcoin is showing signs of returning, as evidenced by two factors: whale activity related to price action and the entry of new fresh wallets and social accounts communicating on Bitcoin for the first time in 20 months. Other contributing factors include the approval of Bitcoin ETFs, BlackRock's involvement in the crypto space, and the SEC's continued failure to provide clear and concise regulations. These developments, combined with the positive sentiment in the EU, UK, and Hong Kong, are giving educated investors some interestings signs to watch.
Phase two of the bull market will be marked by a significant increase in altcoin prices, even before Bitcoin breaks its all-time high. We are already seeing signs of this, with altcoins like Chainlink and others starting to gain momentum.
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Can Bitcoin hit $50K TA Analysis + Insights on Sentiment with Paul Barron