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Bitcoin (BTC) price continues its relentless surge, reaching a new all-time high of $72,967 on March 12, 2024. This bullish momentum comes amidst a strong support base established above $70,000 and overwhelmingly positive media sentiment.
Bitcoin Media Buzz Reaches Pre-ETF Launch Frenzy
The long-awaited approval of Bitcoin ETFs has unleashed a wave of institutional investment, propelling BTC into a new phase of price discovery. Briefly touching $73,000 before a minor pullback, BTC continues to chart new territory.
On-chain data reveals a significant trend – social media sentiment surrounding BTC is overwhelmingly bullish. Santiment’s weighted sentiment metric assigns a value based on the volume of positive comments compared to negative ones. A positive value indicates a bullish bias, and vice versa.
This metric surged to a 60-day peak of 3.28 just before the March 12 rally. The last time such extreme bullish commentary was observed was in early January, coinciding with the initial media frenzy surrounding ETF approvals.
Can the Bulls Breach $75,000?
Social media sentiment offers valuable insights into trader behavior. Spikes in weighted sentiment often foreshadow price increases, as traders tend to back their bullish convictions with investments.
For instance, a 12% price increase between January 9th and 11th propelled BTC past the $48,900 mark for the first time in two years. This surge coincided with a yearly peak of 4.49 in the weighted sentiment metric on January 10th.
This week’s positive buzz surrounding Bitcoin can be attributed to two key factors: record-breaking Bitcoin inflows and bullish announcements from MicroStrategy’s latest BTC purchase.
Technical Analysis Hints at Continued Bull Run
Bitcoin is trading around $73,000, reflecting a 20% gain for the month. The Parabolic SAR indicator, a technical momentum indicator, currently sits below the price, signifying strong bullish momentum.
A potential repeat of the mid-January price pattern could see Bitcoin surge beyond $75,000 in the coming weeks. However, in the event of a correction, bulls are likely to establish a formidable support buy-wall around the $65,000 price range.
Conclusion
Bitcoin’s ascent shows no signs of abating. Fueled by positive media sentiment, institutional investment, and strong technical indicators, Bitcoin appears poised for a potential breakout above $75,000. With robust support at $65,000, the bulls seem well-positioned to weather any potential pullbacks and continue their dominance in the cryptocurrency market.
