After hitting a new high and a market cap of over $ 1 trillion, Bitcoin sentiment appears to be more bullish than ever. Cryptocurrency has destroyed the predictive models of many analysts and could dive deeper into uncharted territory. As of the time of publication, Bitcoin was trading at $ 57,156 with gains of 5.89% in the past 24 hours. On the weekly and monthly charts, Bitcoin is up 18.19% and 57.47%, respectively. The market capitalization stands at $ 1.04 trillion.
Research firm Santiment presented the bullish and bearish case of Bitcoin after the cryptocurrency hit a new high with a rally of 219% in the past 3 months. On the bullish side, Santiment points out that the supply of BTC continues to fall on major exchanges.
As a result, Bitcoin’s selling pressure continues to ease, allowing the rally to continue. On the bearish side, Santiment reports that the BitMEX futures market funding rate shows that traders with short positions are given greater incentives to bet on lower levels of the BTC price.
Right in the middle of the bears and bulls are the tweets from CryptoQuant CEO Ki-Young Ju. Still aware of the Coinbase premium which turned negative during the $ 56,000 rally, Young Ju said the purchasing power came from “stable whales and retail investors.” As a result, Young Ju believes the price has moved into “unsanitary” territory due to a lack of new dollar flow in the spot market.
Bullish investors have had less incentive to take profits as BTC continues to rise. Therefore, Schultze-Kraft marks the range between $ 48,000 and $ 52,000 as a support level.
Bitcoin more valuable than gold
The increase in market capitalization indicates that Bitcoin could receive more attention from institutional investors. Cryptocurrency would then cement itself like gold in the digital age. Bloomberg Intelligence Senior Strategist Mike McGlone approached Bitcoin from an “institutional point of view” and predicted that by 2024 and beyond, Bitcoin will be equal more valuable than gold.
McGlone believes it has been “easy” for Bitcoin to increase its price by 4 to 5 times due to the reduction in new issuance of BTC after the 2020 halving, increased demand and macroeconomic conditions.
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