Market hype after Bitcoin crossed $28,000 suggests promising weeks are ahead
Bitcoin is making rounds in the crypto community after its recent price performance, which the market collectively considers impressive. The apex cryptocurrency crossed $28,000 at a crucial time in the market, after failing to meet bullish expectations for the first half of 2023.
As a result, the hype for Bitcoin across the crypto market has reportedly surged. This is according to data from the crypto market intelligence platform Santiment. Taking to Twitter, Santiment shared that according to the social trends, Bitcoin is trending as the 4th most talked about asset in the crypto market.
From when Bitcoin first broke the $25,000 price level till the present, the leading asset has seen a significant upsurge in the number of mentions within the crypto market. Back in March, the hype for Bitcoin was significantly lower after it toppled $25,000. With Bitcoin adding more than $5,000 to that price value, there has been an 82% increase in Bitcoin’s social media mentions.
Bitcoin tops $28,000
The weeks ahead present an even higher opportunity for the bulls to outperform, considering how bullish the current investor sentiments are. The price upswing, as many have noted, could be attributed to investors anticipating an incoming change in the U.S. Federal Reserve’s monetary policies.
Backing up this sentiment was Tim Frost, the CEO of crypto yield platform Yield App, who also noted the importance of Bitcoin’s recent price pump.
“The recent surge in bitcoin’s price is like a breath of fresh air after a long, cold crypto winter. This renewed optimism could be attributed to an anticipated shift in the U.S. Federal Reserve’s monetary policy, which is expected to create a more stable, and hopefully predictable, environment.” Tim Frost said.
At present investors are collectively awaiting the U.S. inflation information. It will examine the potential steps that the Fed is expected to take, following the recently witnessed banking crisis in March. The collapse of many leading U.S. banks caused the market to anticipate that the Central Bank would put an end to the continuous interest rate hike.
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