The number $BTC has experienced a slight pullback, but the price remains above $66,000. Currently, it is less than 10% away from its all-time high (ATH). If it can maintain above $65,000, it would serve as a buildup for breaking through $73,000.
Despite BTC's recent impressive performance, Google's BTC trend data shows that interest remains low. As BTC continues to consolidate within a wide range, retail investors' patience is wearing thin, leading to an increase in those who share the viewpoint depicted in Figure 1. A bull market typically ends in frenzy, and the widespread pessimism among retail investors further confirms that the peak of the bull market is still far from being reached.
In stark contrast to the pessimistic sentiment among retail investors, institutions are very bullish on BTC. Last week, ETF net inflows amounted to 31,438 coins, ten times the mining output of 3,150 coins. Institutional demand far exceeds market supply, and while retail investors are still anxiously speculating about the end of the bull market, institutions are frantically accumulating cheap chips before the bull market kicks off.
Currently, Trump has a clear advantage in the U.S. presidential race, which serves as a strong catalyst for the arrival of a major BTC bull market next year. If Trump successfully wins and fulfills the campaign promises depicted in Figure 3 after taking office next year, the momentum for price increases will be relentless and powerful. 😄
