According to Glassnode, BTC market sentiment is approaching the “euphoria” stage amid consecutive all-time highs.
Bitcoin (BTC) price has rallied more than 200% over the last year to set a record high above $73,000 on March 13. This rally has pushed investor sentiment “closer to euphoria,” characterized by wealth rotation from long-term holders to new investors, according to market intelligence firm Glassnode.
This week’s “The Week Onchain” report by market intelligence Glassnode notes that Bitcoin’s recent clearance of the $69,000 all-time high set in November 2021 created the “fourth new cycle ATH in history.”
Analyst Checkmate cites BTC’s significant rally above $72,000, which has shifted this phase of Bitcoin bull run “into the 'Euphoria Zone’” — a stage “which tends to accompany new ATHs.”
