Bitcoin (BTC) is a symbol of many people’s flash of greed, here is what it means

Bitcoin's meteoric rise continues as its total market cap surpasses $1 trillion, fueled by a price surge above $51,000 on February 14th. This increase is driven by increasing interest not only from individuals but also from institutional investors, leading Bitcoin to a sustained price increase despite significant challenges.

Despite the latest chapter, reports suggest there is an ongoing battle between dealers revolving around the property's $50,000 market value. At such levels of psychological support, the volatility of human sentiment characterized by fear of missing out (FOMO) or fear, uncertainty and doubt (FUD) can greatly influence the long-term direction of the price.

Bitcoin Primed for more profit

Interestingly, Bitcoin breached $50,000 for the first time on Monday, with estimates of $55,000 already in sight, mirroring the pattern observed when it topped $45,000 a month ago, according to Sentiment's latest analysis.

The analyst firm also stated that such speculation often leads to temporary highs, which indicate a cyclical pattern driven by market sentiment.

📊 Traders seem to be in a fight over #Bitcoin's $50k market cap. When it comes to these psychological support levels, the population's #FOMO or #FUD will play a big role in this value ultimately passing long. We saw 55 thousand dollars

(Continue) 👇 pic.twitter.com/f0eRdIw5zm

— Santiment (@santimentfeed) February 14, 2024

It's important to monitor sentiment around major price milestones because celebratory sentiment after a milestone achievement indicates healthy market discussion, but a surge in calls for significantly higher price levels can indicate greed and a near-term high.

With the recent chart flashing a “sign of greed,” damaging corrections may finally take a back seat as the public engages in bullish discussions.

A bull market is inevitable.

Bitcoin made several corrections last week as investors took profits as the price rose. On the contrary, institutional investors are taking their assets out of the currency and showing no interest in selling even if the market recovers. This pattern reflects interest in Bitcoin from institutional investors who have previously shown a decline in confidence.

However, experts remain bullish on the property's price trajectory. Prominent analyst Planby, creator of the stock-to-flow (S/F) deviation model, believes, for one, that a bull market is “inevitable.”

🟠 95% Profitable Bitcoin: Bull Market Inevitable pic.twitter.com/2TVNzGym8x

— PlanB (@100trillionUSD) February 10, 2024