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

Sebastian Villafuerte
Sebastian Villafuerte
7 months ago
3 mins read
Bitcoin Data Reveals Bulls Are Growing But Still Behind March 2024 Peak – Details

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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.

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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
Bitcoin bulls are growing | Source: Axel Adler on X

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. 

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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
BTC futures chart showing a 5% gap | Source: BTCUSD CME futures chart on TradingView

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. 

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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

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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