Crypto Analyst Expects Bitcoin Surge Citing Previous Bull Cycles

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Bitcoin Bulls vs Bear Ratio Skewed to The Negative, Why $62,000 Is Crucial Support? – Crypto News

Published

1 year ago

April 17, 2024

Dripp

Earlier today, the world’s largest cryptocurrency Bitcoin dropped by an additional 2% with the BTC price slipping all the way to $61,600. In the last few hours, the Bitcoin price has shown a good recovery and is currently trading around $63,916 with a market cap of $1.26 trillion.

Bitcoin Bull vs Bear Ratio Skewed To The Negative

According to insights from on-chain data provider Santiment, sentiment surrounding Bitcoin has notably soured following its recent dip to $61.5K over the weekend. The prevailing ratio of bearish to bullish comments reflects this negativity, suggesting a climate of apprehension among traders.

The market’s response, however, has been somewhat contrary to these sentiments, with a rebound observed despite the prevailing fear, uncertainty, and doubt among traders. This divergence from the crowd’s expectations, characterized by panic selling, indicates a potential trend reversal.

Analysts anticipate this trend to persist until the fervor and anticipation surrounding the upcoming Bitcoin halving event once again dominate social media conversations, reminiscent of the discourse observed in the preceding weeks.

Courtesy: Santiment

$62,000 Remains the Crucial Support

Crypto analyst Ali Martinez highlights the significance of key price levels for BTC, as per the Unspent Bitcoin Realized Price Distribution (URPD). Martinez emphasizes that $62,000 serves as a critical support zone for Bitcoin. A breach of this level could potentially redirect attention towards the next significant demand area, estimated to be around $51,500.

Conversely, Martinez points out that a resurgence in Bitcoin’s price, with a climb back above $66,250, holds the potential to considerably enhance the likelihood of reinvigorating the ongoing bull run in the market. If the Bitcoin price manages to break past the resistance of $66,000, the next price targets are $79,000 and $86,000!

Furthermore, Martinez stated that there’s been a significant alteration in the Bitcoin Accumulation Trend Score, marking a notable change for the first time since October 2023. The score now stands at 0.27, indicating a shift in the behavior of Bitcoin whales. This change suggests that these whales may be either distributing their holdings or refraining from accumulating more BTC at the moment.