The current market conditions for Bitcoin suggest a growing bullish sentiment, as the cryptocurrency is showing promising signs of recovery.

A buy signal is flashing under oversold conditions, similar to the previous rally in September, which saw Bitcoin surge from around $40,000 to over $75,000

The cryptocurrency market continues to show signs of recovery, with Bitcoin leading the charge. As the cryptocurrency rises above the $84,000 level, it’s setting the stage for a potential rally that could see it hit new all-time highs from the 2021 bull market.

After a period of consolidation, Blockware Solutions founder Josh خلاف قانوني highlights how Bitcoin is now displaying classic signs of an oversold buy signal, similar to the beginning of September’s rally.

“[A] classic oversold buy signal is flashing. Some say it’s time to buy high, but we prefer to buy low and watch the price go up. We sold at $40,000 and bought back at $48,000 after a -37% decline (a typical correction). We sold again at $70,000 and bought back at $57,000 after a -17% decline (a typical pullback). We’re up over 100% since April 2023.”

This time last year, Bitcoin was trading at around $40,000. From there, the cryptocurrency went on to rally to $75,000, at which point it had risen by about 40%.

After a brief pullback, BTC went on to almost double from its post-corona crash lows, setting the stage for what could be another massive price increase.

At the moment, some are setting a goal of $150,000 for Bitcoin, which would be double the previous all-time high of $77,000, reached in late 2021. Whether it will get there depends largely on how the cryptocurrency performs in the coming weeks.

On the policy front, Arizona is moving a bill to recognize Bitcoin as a strategic reserve, highlighting the increasing interest in digital assets at the governmental level.

Bitcoin’s network fundamentals remain strong, with the hash rate hitting an all-time high—though, as expected, miner revenue has decreased post-halving.

Eric Trump Believes Bitcoin Can Hit $1 Million

A surge of new whales accumulating Bitcoin since 2024 has also been observed, suggesting that institutional interest in the cryptocurrency is growing.

This bullish outlook is shared by Eric Trump, who went as far as to say he sees Bitcoin eventually reaching $1 million.

Moreover, gold adding $1 trillion in market cap in a single day shows the sheer scale that Bitcoin could eventually reach, especially if institutional money keeps flowing into crypto.

In another positive development, SPAR is testing Bitcoin payments via the Lightning Network in Switzerland, showcasing the potential for broader retail adoption.

Despite near-term volatility, the long-term trajectory remains bullish due to ongoing U.S. inflation and the potential for further government intervention in the economy.