Bitcoin bulls have remained awake since the start of November. The new month is no different, as bulls continue to dominate the market. As a result, the apex cryptocurrency has soared to new yearly highs.
Bitcoin rose above the $40,000 price mark for the first time this year and for the first time since April 28th, 2022. The newly attained milestone comes when market expectations are higher than ever.
As market players observed, the bullish sentiments surrounding the leading cryptocurrency have only continued to grow. According to data from Santiment, an on-chain analytics platform, $50,000 euphoria is apparent on social media platforms.
As we advance, traders are expected to either take profit or trust that the asset will continue to sustain its current momentum and eventually lunge for $50,000.
How long before Bitcoin taps the $50,000 price level?
Notably, Bitcoin surpassed the $44,000 for a short period before making a downward correction back to $43k. As noted by Justin d’Anethan, an executive for Keyrock, a digital asset marketing firm, Bitcoin has surged by 50% since mid-October. “The rally seems to mark a decisive shift away from the bearishness of 2022 and early 2023.” He asserted.
At the time of this report, Bitcoin is trading for $43,813. Bulls have raked over 5% in gains over the last 24 hours. Bitcoin’s trading volume over the past 24 hours has surged remarkably by more than 101%.
Bitcoin is currently in a very crucial position, as any downward or upward movement can trigger the market to take an upward, sideways, or downward trajectory.
According to Santiment, Bitcoin’s ability to make an upclimb to $50,000 in the near term depends on the sentiments surrounding the highly anticipated Bitcoin Spot ETF applications.
“FUD & FOMO toward the ongoing ETF confirmation dates will dictate whether $50K arrives sooner rather than later.” Santiment wrote.
The Fear and Greed index is another metric spotlighting the market’s current position on the asset. The Fear and Greed index tracks the volatility of the Bitcoin market and compares it with the average of the previous month/ last 90 days.
Today, Bitcoin’s Fear and Greed Index is at 72. The increased greed in the market signals an increase in buying volume.
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