Bitcoin just hit a new all-time high, exciting many investors. But not everyone’s on board.
Skeptics Remain Skeptical
Crypto analyst Axel Adler Jr. points out that despite Bitcoin’s impressive price increases, some investors remain unconvinced. Even when Bitcoin was around $41,000 a year ago, there was skepticism. Now, at over $100,000, that skepticism persists. Adler suggests this is a normal part of the Bitcoin cycle – there will always be buyers and sellers, believers and doubters. Some will buy low and sell high, while others will buy high and sell low. It’s just the nature of the beast.
New Investors Fuel the Fire
Despite the persistent negativity, there’s a lot of positive market sentiment. Demand from new Bitcoin investors is up – 4% higher than when Bitcoin hit $70,000 in March. While this is still below the peaks seen in previous cycles (205% and 133%), it’s currently at 70% and shows potential to surpass past levels. This surge in new investors suggests strong confidence in Bitcoin’s future.
Current Market Conditions
At the time of writing, Bitcoin is trading around $104,137, down slightly in the last 24 hours. However, it’s still up significantly over the past week and month.
