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Cryptocurrency enthusiasts continue their optimistic journey as Bitcoin surpasses the $52,000 level. We often encounter analyses from experts and sometimes crypto analysis firms with each new price surge. In this context, the latest commentary comes from the crypto analysis company Santiment.
Santiment Comments on Bitcoin’s Rise
According to Santiment’s analysis, Bitcoin has climbed over the $52,000 mark for the first time since December 3, 2021, continuing its ascent. Santiment describes this movement as a significant bullish cycle, suggesting that surpassing certain thresholds generates excitement within the crypto community.
Santiment points to celebrations within the crypto community as the reason behind the recent Bitcoin price increase. This reflection implies that the rise in cryptocurrency prices could continue. According to Santiment, this enthusiasm could lead to the formation of local peaks in Bitcoin’s price.
In the crypto analysis firm’s assessment, the key factor pointing to all-time high levels is hidden in the emphasis on social media investors. Santiment notes that when investors on social media start discussing all-time high levels, the likelihood of new peaks for Bitcoin increases.
What to Consider During Bitcoin’s Enthusiastic Phase?
Cryptocurrency community naturally reacts with enthusiasm to the rise in Bitcoin’s price. However, the expectation for peaks is just beginning. Analysts indicate that there is still a long way to go before Bitcoin reaches its price levels, as it has not yet hit its historical peak.
Santiment‘s comments point to an enthusiastic phase, but this excitement is a reality for the first time after a long break. Therefore, it should not be considered as an ending excitement for Bitcoin and other cryptocurrencies.
Bitcoin and other cryptocurrencies reaching new local peaks should be seen as a factor that will further increase market participation. It’s important to remember that each surge creates new excitement and spreads like waves. As of writing this article, the Bitcoin price is once again challenging the $52,000 levels, with the BTC price at $51,799.
