Part 9/13:
He points out that breaking the $50,000 mark was seemingly achieved with little resistance, aided by positive news like Elon Musk's Tesla doubling down on Bitcoin and institutional interest increasing. The psychological effect of surpassing these milestones can often act as catalysts for further upside.
The Significance of Market Sentiment and Institutional Adoption
Woo emphasizes that market sentiment is heavily influenced by macroeconomic factors and narratives. For instance, rumors about nations like Nigeria or Kenya considering adopting Bitcoin or holding substantial reserves can act as strong catalysts.