{"id":116612,"date":"2024-10-21T07:38:46","date_gmt":"2024-10-21T00:38:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=116612"},"modified":"2024-10-21T07:38:46","modified_gmt":"2024-10-21T00:38:46","slug":"bitcoin-the-psychology-behind-btcs-boom-and-why-73k-is-calling","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=116612","title":{"rendered":"Bitcoin: The psychology behind BTC&#8217;s boom, and why $73K is calling"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin was experiencing a psychological surge, making a correction unlikely for now.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">However, when the fundamentals eventually take over, panic could ensue.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Fears of market overheating are rising as <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> surges past the $68K benchmark, breaking a four-month slump, even as the RSI sees a sharp decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, trading just above this critical level may signal a potential top for BTC. If this range is confirmed as a resistance point, a price correction could be on the horizon, potentially forcing mass capitulation. However,<\/span><\/p>\n<h2><b>Bitcoin\u2019s surge \u2014 Psychology over fundamentals<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Firstly, it\u2019s essential to consider that Bitcoin is heavily influenced by macroeconomic factors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, a confluence of events \u2013 such as the post-halving <a href=\"https:\/\/x.com\/HalvingTracker\/status\/1847861577170457033\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">surge<\/a>, the nearing end of the election cycle, the \u201cUptober\u201d frenzy, and cuts in Fed rates \u2013 has combined to propel Bitcoin to $68K in just ten days without any solid pullback.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is important because, despite key technicals pointing to a near-term reversal, these macro factors may strengthen large holders\u2019 belief that this is a key buying zone.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other words, big players might still see this level as an opportunity, and this psychological momentum could draw in more buyers, fueled by rising FOMO as market sentiment heats up.<\/span><\/p>\n<div id=\"attachment_434994\" style=\"width: 1810px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434994\" class=\"wp-image-434994 size-full\" alt=\"Bitcoin whale holdings\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1200x675.png 1200w\" data-lazy-sizes=\"(max-width: 1800px) 100vw, 1800px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434994\" class=\"wp-image-434994 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc.png\" alt=\"Bitcoin whale holdings\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/glassnode-studio_bitcoin-whale-address-count-balance-1k-btc-1200x675.png 1200w\" sizes=\"auto, (max-width: 1800px) 100vw, 1800px\"\/><\/a><\/p>\n<p id=\"caption-attachment-434994\" class=\"wp-caption-text\">Source: Glassnode<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Supporting this is the rise in whale activity: addresses holding 1K\u201310K BTC have hit a 3-month high. The last major spike occurred alongside a 5% daily price surge, pushing BTC above $66K.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In simple terms, whales have played a key role in countering bearish pressure. Since the start of October, their activity has reinforced AMBCrypto\u2019s initial hypothesis: macro factors are drawing in big players.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, this cycle appears to be psychologically driven. So, despite bearish attempts to short Bitcoin, the likelihood of a significant correction seems slim for now.<\/span><\/p>\n<h2><b>Market buzz leading the way to $73K<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Historically, the halving year has been a reliable indicator of when a bull cycle might occur. Spikes in the 30-day demand average (marked in green) have consistently coincided with Bitcoin supply cuts during halving events.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These supply reductions typically spark long-term rallies, delivering outsized returns to stakeholders.<\/span><\/p>\n<div id=\"attachment_435022\" style=\"width: 4010px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435022\" class=\"wp-image-435022 size-full\" alt=\"demand\" width=\"4000\" height=\"2250\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1200x675.png 1200w\" data-lazy-sizes=\"(max-width: 4000px) 100vw, 4000px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-435022\" class=\"wp-image-435022 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum.png\" alt=\"demand\" width=\"4000\" height=\"2250\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Bitcoin-Apparent-Demand_-30-day-sum-1200x675.png 1200w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\"\/><\/a><\/p>\n<p id=\"caption-attachment-435022\" class=\"wp-caption-text\">Source: CryptoQuant<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Interestingly, even if the fundamentals don\u2019t immediately play out, the widespread anticipation alone can trigger a breakout.\u00a0<\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC Profit Calculator<\/a><\/p>\n<hr\/>\n<p><span style=\"font-weight: 400;\">This cycle is a prime example: the market buzzed with expectations of a halving-driven rally, and true to form, Bitcoin surged to $68K in a remarkably short timeframe.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, if whale activity continues on this upward trend\u2014 which seems likely\u2014Bitcoin could be set to hit its all-time high of $73K before the end of Q4.<\/span><\/p>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a href=\"https:\/\/ambcrypto.com\/bome-market-sentiment-shifts-to-bearish-is-a-pullback-ahead\/\" rel=\"prev\" data-wpel-link=\"internal\">BOME market sentiment shifts to bearish: Is a pullback ahead?<\/a> <\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/ambcrypto.com\/bitcoin-the-psychology-behind-btcs-boom-and-why-73k-is-calling\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin was experiencing a psychological surge, making a correction unlikely for now.\u00a0 However, when the fundamentals eventually take over, panic could ensue. Fears of market overheating are rising as Bitcoin &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=116612\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-116612","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=116612"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/116612\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=116612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=116612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=116612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}