Crypto bulls were out in full force in early trading on Tuesday as the post-halving upcycle has officially started, with Bitcoin (BTC) tapping $72,000 and looking poised to make a run at a new all-time high.

“The crypto market cap rose by 4.7% to $2.4 trillion in the last 24 hours, supported by a surge in top coins,” noted Alex Kuptsikevich, chief market analyst at FxPro. “These are the market’s highest levels since late July. Back then, the market stalled around these levels and soon turned lower. This time, the trend is more bullish, as the market has been in an uptrend since early September.”



“With a gain of around 5%, Bitcoin is generally moving with the market, behind Ethereum’s (ETH) 5.5% rise, Doge’s 16% jump, and Bitcoin Cash’s 10% rise,” he added. “However, with a price close to $71K, BTCUSD is less than 4% below its all-time high. The first cryptocurrency has spent less than 72 hours in total above its current level.”



“Technically, Bitcoin has given several bullish signals, from the ‘golden cross’ on 27 October to breaking above previous highs and entering a Fibonacci extension pattern,” Kuptsikevich concluded.



Data provided by TradingView shows that BTC is now trading at $71,600, just 3% below its all-time high after a slight pullback following its rally to $72,000.