The tables have turned for bears in the BTC market and will remain that way for a while as data and sentiments from multiple analysts show that the crypto market is officially bullish.
Bitcoin has maintained price over its 2020 newly acquired all-time high of $13,000. This follows a series of favorable developments that could be traced back to its third having, and recent news of investments from MicroStrategy, Square and topped by PayPal’s entry into the crypto market.
According to early crypto advocate and founder of Pastore Capital, Bitcoin’s next price target is $30,000.
“The bear market is officially over after this weekly close. Although the structure since the last huge drop (March) indicated that we were starting a new bull market, in my opinion, tomorrow the new bull market officially begins. Congratulations, my next target is 30K #BTC.”
Anonymous Founder of Upblock Blackbeard, also said that the new cycle is going to be better than 2017’s bullish cycle for Bitcoin and other key altcoins.
“The 2017 altseason was cool, but it’s nothing compared to what’s yet to come. Prepare yourself. #Bitcoin #Altcoins.”
BTC’s Positive Sentiment across Crypto Twitter
Multiple technical and fundamental analysts agree that Bitcoin has finally ushered in the highly anticipated bullish market. Crypto trader and analyst yTedd said that Bitcoin has now recorded its first weekly close above $11,700 in almost two years.
“There it is, first weekly close above 11,700 since early 2018.”
The impressive performance and maintenance of price above $12,900 show bitcoin has enough momentum to go even higher, according to another top analyst josh Rader.
“Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of #12,920, Bitcoin has closed above it multiple days straight as we work on the highest daily close since Jan 2018. Pullbacks to be expected but exciting times ahead.”
Euphoric Levels of Excitement
The general excitement in the crypto market also supports the start of a new cycle. Data by Santiment indicates that bearish sentiment at the start of October has completely been flipped over.
“After bitcoin surged from $10.5k to $13.1K over the past three weeks, the social sentiment of #crypto #Twitter has one of the biggest 180 turns in its decade-long history.”
Santiment added that the ratio of positive to negative commentary combined with the total volume of social posts was at all time-negative levels on October 3rd and was reflected by the uptick of $BTC shorts.
“But after surging to its current price levels, @santimentfeed data indicates that the mood has now shifted to borderline euphoric levels.”