Is it Time to Buy BTC Now?

A recent analysis conducted by the market data platform CryptoQuant determined that the mass enthusiasm for Bitcoin (BTC) is another bullish factor that could lead to a price surge. However, the entity estimates that “there is still little interest and there is no new influx,” meaning the peak of the bull market is “far away.”

The last time BTC’s popularity spiked substantially was at the beginning of November 2021. A few days later, the asset’s price blasted to approximately $69,000, a level unmatched ever since.

Bulls highly expect the BTC halving scheduled for the spring of 2024 as it has previously triggered considerable price increases. The last such event was in May 2020, and in the following months, the primary cryptocurrency started an impressive ascend that eventually reached to an all-time high of almost $70,000.