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Breaking News: VanEck Predicts Bitcoin Could Reach $2.9 Million In New Long-Term Capital Report
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Breaking News: VanEck Predicts Bitcoin Could Reach $2.9 Million In New Long-Term Capital Report

These Developments Show That The Bitcoin Bullish Momentum Is Far From Over

Scott Matherson
Scott Matherson
Last Updated: June 11, 2024 7:02 am
3 mins read
Bitcoin price squeeze

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Crypto analyst Ali Martinez has provided insights suggesting that the Bitcoin bullish momentum is just starting. Based on this, the flagship crypto token is still likely to keep hitting new highs before the peak of the imminent bull run. 

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Market Sentiment Suggests More Gains Ahead For Bitcoin

In an X (formerly Twitter) post, Martinez revealed how long-term BTC holders go through a “cycle of emotions” during a bullish period. These investors usually start with capitulation before “progressing through hope, optimism, and belief.” This capitulation phase is when these BTC bulls succumb to the bears, with the Bitcoin bottom coming at some point.  

The crypto analyst also noted that these BTC holders experience “a brief period of anxiety” even after the belief phase, which leads to a price correction. However, the market again re-enters a phase of belief after then, which signals potential further gains ahead, Martinez added. 

The crypto analyst claims the market has “just merged from a period of anxiety and has re-entered a new phase of belief.” He further stated that this suggests the market will likely witness more momentum for Bitcoin before reaching the “peak of euphoria that characterizes the end of the bullish cycle.”

Going by Martinez’s analysis, there are still new highs for BTC. There is also every likelihood that Bitcoin will surpass its all-time high (ATH) of $68,000. The crypto token has consistently surpassed its previous ATH in every bull run. Interestingly, this always happens months after the Bitcoin Halving takes place. 

That is why it is no surprise that the BTC Halving is again predicted to be the event that will fully kickstart the next bull run. 

BTC Expected To See Influx Of New Investors

In a subsequent X post, Ali Martinez highlighted how Bitcoin is far from obtaining peak popularity among the general populace. This is based on a Google Search Trends metric, which shows how popular a term like ‘Bitcoin’ is. Currently, BTC is said to have a score of 18, meaning that it hasn’t even reached “mid-popularity.”

The silver lining in this data is that it shows how much more investors Bitcoin could see in the next bull run. Moreover, introducing the Spot Bitcoin ETFs is believed to be perfect timing as these funds could contribute to onboarding the next generation of Bitcoin holders into the crypto space. 

A search engine like Google could also have a role to play when these investors become interested in the flagship crypto token. Thankfully, the platform has already blessed the advertisement of crypto-related funds, meaning it will be easy for these users to invest when the time comes.  

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Bitcoin Price Holds Support, BTC Uptrend To Continue Soon?

1 year ago

At the time of writing, BTC trades at around $51,400, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

bitcoin btc btcusdt ark ceo spot etf sec gary gensler
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

Cover image from Dall-E, Chart from Tradingview

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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