New Era

2024

Bitcoin

Experiencing a decline to <a href="https://bitcoinist.com/bitcoin-price-crashed-below-40000/" target="_blank" rel="noopener ">below $40,000</a> earlier this year, then steadily rising above $42,000, the price of Bitcoin (BTC) has witnessed a rollercoaster of fluctuations during this bullish phase. 
<a href="https://bitcoinist.com/bitcoin-price-skyrockets-past-50000-3-key-reasons/">Bitcoin’s price has skyrocketed </a>beyond the $50,000 mark, meeting investors’ expectations and hopes and confirming <a href="https://www.newsbtc.com/bitcoin-news/this-bitcoin-historical-pattern-could-send-price-to-50000-before-major-correction-analyst/" target="_blank" rel="noopener nofollow">predictions</a> from various crypto analysts. 
<h2 id="b-bitcoin-surges-to-historic-heights-above-50-000-b">Bitcoin Surges To Historic Heights Above $50,000</h2> 
Recently, Bitcoin, the world’s largest cryptocurrency, experienced a <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go/" target="_blank" rel="noopener nofollow">price surge above $50,000</a>, signaling its move out of bearish price trends. The unexpected price increase marked a significant moment for the cryptocurrency, as many crypto analysts have foreseen the price of Bitcoin <a href="https://bitcoinist.com/bitcoin-price-prediction-will-halving-take-btc-to-100k/" target="_blank" rel="noopener ">reaching as high as $100,000</a> during the 2024 bullish phase. 
At the time of writing, the cryptocurrency’s price was $50,049, reflecting a notable 16.70% increase over the past seven days and a 4.23% surge within the last 24 hours, according to CoinMarketCap. The cryptocurrency has experienced a 4.24% surge in market capitalization, now exceeding $983 billion.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-281105 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?resize=980%2C468" alt="bitcoin btc btcusdt" width="980" height="468" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=2372 2372w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/bitcoin-btc-btcusdt.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
As a result, popular cryptocurrency analyst Ali Martinez has taken to X (formerly Twitter) to <a href="https://x.com/ali_charts/status/1757297147165163757?s=46" target="_blank" rel="noopener nofollow">discuss</a> Bitcoin’s recent price surge and its impact on <a href="https://bitcoinist.com/bitcoin-sentiment-verge-extreme-greed-what-it-means/" target="_blank" rel="noopener ">investor sentiment</a> and the broader crypto market. 
Sharing a chart illustrating the evolving sentiment of long-term holders, Martinez explained that <a href="https://www.newsbtc.com/news/bitcoin-holders-moving-big-number-of-whale-wallets-reaches-highest-count-in-15-months/" rel="nofollow noopener" target="_blank">Bitcoin holders</a> tend to go through a series of emotions during a bullish period. These emotions start positive and strong before gradually leading to the usual Fear, Uncertainty, and Doubt (<a href="https://www.newsbtc.com/news/sinking-amidst-fud-storm-unveiling-the-top-5-market-losers-in-heightened-uncertainty/" rel="nofollow noopener" target="_blank">FUD</a>) stage.&nbsp; 
He revealed that crypto investors and traders start a bullish phase with capitulation, progressing through hope, optimism, and belief, and eventually experiencing anxiety. This anxiety usually signals a potential price correction for a cryptocurrency.&nbsp; 
The crypto analyst disclosed that market sentiment enters another phase of belief after the price correction stage, often indicating the potential for a subsequent price surge. 
It seems that the market has just exited its period of anxiety and re-entered its new phase of belief. Martinez has likened this transition to become a positive development for Bitcoin, predicting more gains for the cryptocurrency during <a href="https://www.newsbtc.com/analysis/btc/bitcoin-bulls-keep-pushing-43800/" rel="nofollow noopener" target="_blank">the bull market.</a> 
<h2 id="bitcoin-bullish-cycle-nearing-peak-performance">Bitcoin Bullish Cycle Nearing Peak Performance</h2> 
According to Martinez, the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-bull-run-2024-inevitable/" rel="nofollow noopener" target="_blank">Bitcoin bullish cycle </a>may be approaching its zenith, potentially reaching an all-time high not seen since November 2021, when the price of Bitcoin surged to almost $70,000.&nbsp; 
The crypto analyst revealed that Bitcoin has entered a bullish phase that could <a href="https://www.newsbtc.com/news/bitcoin/expert-bitcoin-price-rally-58000/" rel="nofollow noopener" target="_blank">propel its price to new levels. </a>He explained that after this upward momentum, the cryptocurrency could reach the “peak of euphoria,” which typically characterizes the end of a bullish cycle. 
Martinez stated that the next significant resistance level is around the $57,000 mark. He revealed that support levels for Bitcoin remain strong, having greater chances of overcoming resistance levels and potentially pushing the cryptocurrency upwards. 
Cover image from Dall-E, chart from Tradingview

Bitcoin Push Beyond $50,000 Creates New Era Of Hope, What Comes Next?

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