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All-Time-High in Bitcoin
There was no escape that the highest valuation of Bitcoin would not happen in this bull leg. Though several veteran crypto investors took place in the price range of $52K and $60K as the "break-even" point, the market demanded more!
Still, the main narrative behind the march of Bitcoin is the same: Spot Bitcoin ETFs.
Many people believed that the ATH would not come true before Q2 2024, however, Bitcoin does Bitcoin things.
While there is an external factor of Exchange traded funds' massive volume, in-house traders also pour fuel on the fire. $30 Billion Future positions have been tested for the first time in the recent history of crypto. The growing interest is a clear indicator of a euphoric movement in the market.
Among the stories backing the bullish sentiment is not limited to Spot Bitcoin ETFs and the halving. The countries that are pioneers of the Bitcoin adoption phenomena are also enhancing the popularity of crypto integration in institutional and governmental stages. For instance, El Salvador has 50% profit already before the real bull market occurs. This is an amazing amount of revenue with 2852 Bitcoin in their cold wallets.
As Bitcoin is breaking all time high levels, altcoins do not sleep, either. One of the hottest trends of Real World Assets is embraced by the community with huge expectations from it. As a nice model of adoption, Solar Panel NFTs have gathered a lot of interest among the crypto enthusiasts. Combining the urge for clean energy, the project promises a better future under the proof of ownership system.
Besides the new projects, the veteran coins also start to recover very fast. Being in top 5 cryptocurrencies, XRP shows some bullish signs by breaking the ascending triangle in the technical chart. Also, a massive transfer happened between two XRP Ledger wallets. Something is cooking in XRP considering the technical charts, the transfers by the team and the case of SEC against XRP.
Over the last 7 weeks, the market has been on an uptrend with the approval of Spot Bitcoin ETFs. A group of investors assume that the price can no longer push harder and the retracement from $69K may occur soon. On the other hand, the Fibonacci traders expect $76K, 1.618 level in Bitcoin Fibo extension, before a correction in the market. In both cases, the market believes in the sentiment.
Time to watch Bitcoin charts and altcoin charts in Bitcoin pairs. There are a lot of surprises for investors 😉
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