Greed

Bitcoin

Propel

Diamond

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Amid the upcoming <a href="https://coingape.com/markets/bitcoin-price-pre-halving-rally-can-spot-etfs-drive-btc-to-55k-this-week/?utm_source=cgtelegram">Bitcoin halving</a> event, the cryptocurrency market demonstrates an increase in trading activity and market sentiment that points out the probability of significant price movement. Similarly, Bitcoin has recently achieved a significant milestone during the rally, breaking the 0.618 retracement level for the first time before a halving event. 
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 For the first time in its history, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> has broken the 0.618 retracement before the halving. 
 The strongest start to a new bull cycle, ever. 
 2 months to go until the halving event, this cycle will probably play out differently than the others. <a href="https://t.co/fGlC0uEkp7">pic.twitter.com/fGlC0uEkp7</a> 
 — Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1757315336834015710?ref_src=twsrc%5Etfw">February 13, 2024</a>
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This development marks a solid start to a new bull cycle, possibly setting the stage for an unconventional cycle compared to its predecessors. Concurrently, Michael Van De Poppe has projected that Bitcoin is on the cusp of a potentially substantial bull run, with price targets between $53,000 and $57,000 before the much-anticipated halving event.&nbsp; 
<h2 id="bitcoin-s-technical-outlook-and-market-sentiment">Bitcoin’s Technical Outlook and Market Sentiment</h2> 
As pointed out by crypto analyst Ali Martinez in his analysis for lower timeframes, Bitcoin is building an ascending triangular formation, which indicates a 1.60% uptrend in the short term, having $ 50,200 as resistance and $ 50.000 as support. 
Investors are following these levels because a breakthrough of resistance might confirm the bullish trend, whereas a rebound below support may signal only a temporary pause. 
Additionally, the <a href="https://coingape.com/blog/what-is-crypto-fear-and-greed-index-how-does-it-work/">Crypto Fear and Greed index</a> also achieved its highest scale, previously in November 2021, when Bitcoin was at its all-time high of $69,000. The indicator is now in the “extreme greed” zone, which suggests that buying activity may increase further as a result of this market sentiment. This emotional atmosphere and the Bullish technical setup offer a Bitcoin bullish phase in the weeks before halving. 
<h2 id="institutional-influence-and-etfs">Institutional Influence and ETFs</h2> 
The US <a href="https://coingape.com/spot-ethereum-etf-weighing-in-pros-cons-ahead-of-anticipated-approval/?utm_source=cgtelegram">spot Bitcoin ETFs</a>’ launching has been a catalyst for the current surge. As per the experts at Bernstein, ETFs are expected to have an impressive effect that could result in a huge influx of institutional investors in Bitcoin. Consequently, the prices could rise even further.&nbsp; 
The widespread legitimization of Bitcoin through ETFs, corporate adoption as a mode of payment, and even its being used as a legal currency in a country like <a href="https://coingape.com/el-salvador-defies-imf-bitcoin-to-thrive-under-bukele-second-term/">El Salvador</a> are indicators of its growing acceptance in the mainstream. 
Bitcoin ETFs are emerging as a crucial catalyst, with nearly $1 billion flowing into these new investment vehicles in recent trading sessions. This shift indicates increasing confidence among investors, signaling a maturing market that could be less susceptible to the speculative volatility of past cycles. 
<h2 id="bitcoin-market-trend">Bitcoin Market Trend</h2> 
Nevertheless, Bitcoin’s incredible revival to $50,000 has not translated into an increased public interest trend by Google search trends. This apparent inconsistency indicates a transition in the market’s pattern where the current bubble may be fueled by a wave of smart investor activity rather than a retail frenzy. The resistance of Bitcoin investors, usually dubbed Diamond hands, shows the commitment to the long-term potential of Bitcoin. 
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 Google Search Trends maintains that a value of 100 is the peak popularity for the term. A value of 50 means that the term is half as popular. A score of 0 means there was not enough data for this term.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is currently at 18! It hasn't even reached mid-popularity yet. <a href="https://t.co/kdCRHzlIiD">pic.twitter.com/kdCRHzlIiD</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1757463406213279881?ref_src=twsrc%5Etfw">February 13, 2024</a>
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On the other hand, the recent <a href="https://coingape.com/crypto-markets-prepare-for-volatility-as-fed-rate-cuts-stay-off-the-table/?utm_source=cgtelegram">US inflation report</a> has become a cause for concern as Bitcoin has seen a slight decline owing to the stronger-than-anticipated inflation figures, which have reduced the rate cut expectations.&nbsp; 
Read Also: <a rel="nofollow" href="https://t.me/coingape/29834">Ripple Labs Acquires Standard Custody as Part of its Portfolio Firms</a> 
The post <a href="https://coingape.com/can-bitcoin-bulls-propel-prices-to-53k-57k-pre-halving/">Can Bitcoin Bulls Propel Prices to $53K-$57K Pre-Halving?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Can Bitcoin Bulls Propel Prices to $53K-$57K Pre-Halving?

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