The price of the top crypto token Bitcoin has spiked to a great extent in the initial hours of this week. Thus, Santiment (a crypto analytics platform) has recently provided insights into the current market status to guide $BTC traders for the future. The analytics company disclosed this in its recent post on the official X account.
#Bitcoin's price saw a big jump in the opening hours of the week, crossing above $72.6K for the first time since March 14th. Getting as close as 1.3% from last month's #AllTimeHigh, it appears that the crowd is very much attributing this rise to the upcoming #halving. With… pic.twitter.com/GUqbslVmSy
— Santiment (@santimentfeed) April 8, 2024
Santiment Suggests Traders to Take Profit at the Current Market Scenario
As per Santiment, the biggest crypto token went beyond the $72.6K spot for the earliest time after March 14th. This emerges as a big achievement and is quite optimistic to take Bitcoin toward its next all-time high. As per the reports, the market onlookers are majorly associating this huge rise with the impending halving event. The respective event is reportedly going to take place just after eleven days.
The recent days have been showing significant enthusiasm in the market activity. In this respect, the upcoming days may fulfill the hopes of the traders. At present, the data and statistics say that the crowd may get overly euphoric. In such a situation, the market may go through a small retrace. While considering these factors, Santiment provided some bits of advice for the market members.
The platform has persuaded traders to exercise some caution while experiencing such scenarios. According to the platform, they should leverage the opportunity to generate profit. It added that rather than just following the overly high expectations about the halving event, the traders should take some profit.
The Highly-Anticipated BTC Halving Looms with Great Expectations
On the other hand, there are several speculations regarding the potential outcomes of the next *BTC* halving. However, it remains to be seen what the highly-anticipated event results in for the wider market. In general, the analysts are expressing a huge optimism for the future price movement of the prominent crypto asset.