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<p>According to <a href="https://twitter.com/santimentfeed/status/1756132559258620131?s=20" target="_blank" rel="noopener noreferrer nofollow">Santiment (@santimentfeed)</a>, 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.”</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="742" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-1024x742.png" alt="" class="wp-image-435844" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-1024x742.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-300x217.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-767x556.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-1536x1113.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-2048x1484.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-207x150.png 207w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-100x72.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-483x350.png 483w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353-788x570.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-353.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>However, Santiment notes an ironic trend that has emerged during this latest Bitcoin bull run that started back in October. Typically, a pattern emerges:</p>
<ol>
 <li>Bitcoin enjoys an isolated price pump. The crowd becomes overly Bitcoin-focused.</li>
 <li>Profits get distributed into altcoins. The crowd gets greedy on altcoins.</li>
 <li>Bitcoin retraces mildly, while the altcoin bull run ends much more drastically.</li>
</ol>
<p>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.</p>
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<p><strong>Bitcoin’s Advancing Towards Its Halving</strong></p>
<p>In a separate tweet, <a href="https://twitter.com/santimentfeed/status/1756030981541425262?t=skyJJw4yvaFKWs_h6qYHKw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Santiment</a> 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 <a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a> coins are currently in profit.</p>
<p><strong>Trader Expectations Going Forward</strong></p>
<p><a href="https://twitter.com/CryptoMichNL/status/1756221109547012235?t=ETdn01HAJkp0zREp2Sp_YA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Noted trader Michaël van de Poppe</a> (@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.”</p>
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<p>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.</p>
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<p>The post <a href="https://captainaltcoin.com/why-altcoins-suffer-while-bitcoins-50k-becomes-widely-anticipated/" rel="noopener noreferrer nofollow">Why Altcoins Suffer While Bitcoin’s $50k Becomes “Widely Anticipated”</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Altcoins Suffer While Bitcoin’s $50k Becomes “Widely Anticipated”

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