According to Santiment (@santimentfeed), Bitcoin’s price has surged 13% over the past week, leading traders to speculate on new support and resistance levels. In particular, the $50,000 level is now “widely anticipated.”
Source: Santiment – Start using it today
However, Santiment notes an ironic trend that has emerged during this latest Bitcoin bull run that started back in October. Typically, a pattern emerges:
- Bitcoin enjoys an isolated price pump. The crowd becomes overly Bitcoin-focused.
- Profits get distributed into altcoins. The crowd gets greedy on altcoins.
- Bitcoin retraces mildly, while the altcoin bull run ends much more drastically.
Santiment advises monitoring how the crowd responds this weekend, and whether open interest begins increasing on speculative altcoins. If so, the typical pattern suggests step 3 above could come quickly.
Bitcoin’s Advancing Towards Its Halving
In a separate tweet, Santiment also notes that Bitcoin is making an end-of-week push towards $50,000, with just 10 weeks until its next halving event. Currently, 90.5% of all Bitcoin in circulation is now in profit compared to the time when each coin first came into existence. For comparison, 84.7% of Ethereum coins and 79.9% of XRP coins are currently in profit.
Trader Expectations Going Forward
Noted trader Michaël van de Poppe (@CryptoMichNL) also weighs in on Bitcoin’s advance. He expects to see $55,000 before the halving “with this pace.” However, he notes apparent resistance at the $49,000 to $51,000 level over the upcoming period. Nevertheless, he firmly believes “It’s a bull market.”
The recent price action shows Bitcoin dominating the headlines, while altcoins have struggled by comparison. It remains to be seen whether the typical profit-taking pattern from Bitcoin into altcoins resumes going forward.
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