Bitcoin’s bullish momentum It remains steady, reaching a new all-time high and showing potential for further price growth towards critical resistance levels. While the latest move has sparked a wave of optimism about its future performance, pessimism still remains among many individuals.
Skeptics have not changed due to Bitcoin’s bullish strength
The chain was highlighted by veteran CryptoQuant researcher and author Axel Adler Jr. Highlighting investor sentiment supportive of Bitcoin’s foundation. The expert subscriber His view in a recent post on X (formerly Twitter) caught investors’ attention.
This insightful diagnosis comes amid Bitcoin boom to a new all-time high, marking another milestone in its trajectory. Bitcoin may be showing significant price growth, but Axel Adler emphasized that the mood of some investors may never change.
According to macro researcher and critics and Skeptics It remains present despite record price levels. Specifically, this points to ongoing doubts regarding the sustainability of the rally and raises questions about whether Bitcoin’s growth is truly based on sound foundations.
When Bitcoin was worth about $41,000 a year ago, Adler noted that many people were skeptical. Even now that the main asset has risen to… $106,000 levelPeople are still pessimistic about its sustainability.
Given the ongoing uncertainties despite the significant growth, it appears that this may be a never-ending cycle for Bitcoin. This is because bulls and bears, skeptics, and fanatical believers will always exist.
Moreover, there will always be 1% who buy crypto assets at the lowest price and sell them at the highest value. Finally, there will always be Those who buy Bitcoin Near the peak of the market just sell at a loss or wait three years. “This is the way Bitcoin works, and it seems unlikely that it will ever change,” Adler added.
New BTC investor demand is approaching previous cycle highs
Although Doubt As it continues, market sentiment has proven to be more optimistic recently, as evidenced by rising demand from new Bitcoin investors. Adler I mentioned Demand from new investors is currently 4% higher than it was in March of this year when Bitcoin reached the $70,000 level.
Adler drew attention to the past two sessions, and confirmed that demand peaked at 205% and 133%, respectively. At the same time, metric In this current cycle, the rate is 70%, with expectations of exceeding the previous cycle.
High demand from new investors signals a new wave of strong confidence and interest Bitcoins ability in the short and long term as it maintains its upward momentum. If this trend continues, it could serve as a major springboard for future price movements to the upside.
At the time of writing, Bitcoin is trading at $104,137, showing a decline of approximately 3% over the past 24 hours. However, in the past week and month, cryptocurrency assets have risen by about 6% and 13%, respectively.
Featured image from Unsplash, chart from Tradingview.com
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