A well-known market mood chart that was released by cryptocurrency expert Ali Martinez suggests that Bitcoin may soon find itself in a more advantageous situation than where it is presently trading.
The trader and analyst exchanged a screenshot of “The Wall Street Cheat Sheet,” which depicts the shifting emotions of traders as the market progresses through different stages. Martinez tweeted that Bitcoin is ready to reach the “hope” stage, when an asset’s recovery is likely.
Hope will be followed by optimism, which will then lead to “belief,” “thrill,” and ultimately “euphoria.”
Bitcoin regains $30,000 after recent ETF filings
The most popular digital currency, Bitcoin, has once more crossed the $30,000 mark after increasing by about 4% in the past day, trading at $30.018 for the first time since April 19 of this year.
This was the response of the cryptocurrency market to BlackRock’s recent application for a Bitcoin ETF. After then, Invesco resumed filing its spot Bitcoin ETF application with the SEC. In addition to these businesses, iShares, Bitwise, and WisdomTree are now applying for regulatory approval to introduce Bitcoin exchange-traded funds.
In addition, many significant Wall Street firms, including Fidelity, Charles Schwab, and Citadel Securities, have created the cryptocurrency exchange EDX.
According to Glassnode, organisations have locked in a staggering $537 million in earnings as the price of bitcoin increased. Over the previous year, this profit-taking ranks as the second-largest.
