Bitcoin retail is experiencing a renaissance in the US, evidenced by the notable increase in downloads of the Coinbase app, which has climbed to#385on the App Store. This resurgence coincides with a recent uptick in the price of Bitcoin, which is now around $60,000, after several months of lower consumer interest. According to data from Bitcoindata21, Coinbase downloads typically increase during bull markets, reflecting renewed interest in cryptocurrencies.
Despite this positive trend, analysts such as those at Santiment warn that a new all-time high in Bitcoin price may not be imminent. Currently, there is an excess of bullish comments about Bitcoin, with a ratio of 1.8 bullish posts for every bearish one. Historically, this situation can be an indicator that markets move in the opposite direction to general expectations. The firm suggests that while interest is increasing, investors should remain cautious as the current optimism could precede a correction in prices. Furthermore, the “Coinbase premium” analysis shows an improvement in the price difference between Coinbase and other exchanges, which also indicates a resurgence of trading. However, social activity and market expectations could complicate short-term projections.
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