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Bitcoin is Bullish
The latest trading session has marked the eleventh consecutive day that the trading price of the asset has continued surging.
According to the analysis report, the asset has moved out of the “fear” zone. This means that the trading price of the asset has stayed in the bullish zone proving to be very profitable for the investors.
It suggests that the investors may continue investing in the asset for a while as the demand for Bitcoin is really high. The strong rally has set a promising trend for the asset and it may continue for a while.
The last time that the asset had witnessed a strong rally for so many consecutive days was back in March 2022.
Bitcoin hits a New Milestone
Given the occurrences witnessed since November 2022, it was thought that the crypto market may not recover. Bitcoin may not record any recovery at all and things would end entirely for the crypto industry.
However, the beginning of the New Year has proven to be very promising and full of excitement for Bitcoin investors. Since the beginning, the trading price of Bitcoin has continued surging.
From January 1 until January 29, Bitcoin’s trading price surged from around $16,000 to $23,955. So far, it is the peak price Bitcoin has hit in January 2023 and a major milestone since November 7.
After hitting a peak price of $23,955 on January 29 in the midday, the value of the asset retreated a bit. At the time of writing, Bitcoin’s trading price is at $23,687.
Bitcoin Sentiments are Greedy
The sentiments that the investors have at present for Bitcoin are bullish. To be exact, the sentiments of investors for Bitcoin currently stand in the “Greed” zone.
The analysis data for Bitcoin shows that the Greed factor is sitting at a high of 61. This is a positive sign for Bitcoin, as it suggests that the bullish trend may continue for the long term.
The investors may not be willing to sell Bitcoin as of yet as they would want to pump its price even more. This is for the first time since November 16, 2021, that the Greed level for Bitcoin has hit such a high score.
It was back in November 2021 when the greed level was too high and that is what had pushed Bitcoin’s price to $65,000.
Actual Bullish Trend or a Bullish Trap
With the way the trading price of Bitcoin has continued surging, it is safe to say that it is an actual bullish trend.
Although the trend and the technical indicators are supporting a bullish movement, it is wise to keep a note that it could be a bullish trap.
This means that the bears may be letting the bulls build a strong rally for a reason. They may let them push Bitcoin’s price significantly higher before they launch their strong selling spree.
The bears may have targeted $24k or $25k and as the price of Bitcoin reaches a particular level, a strong selling spree may come into action.
If the bears are looking for this opportunity, they will start selling Bitcoin and try to bring it down to lower levels. They may try and bring the trading price of BTC to a low of $16,000 once again.
On the other hand, if the bulls are able to make it through the difficult times, then the trading price of BTC may keep pumping.
In the upcoming days, the trading price of Bitcoin may get pushed all the way up to $25,000 and then to $30,000.