Since the beginning of the month, the cryptocurrency market has seen a wild ride. The price of Bitcoin (BTC) reached its highest point of the year at $44,408.67, after rising as much as 15.43% during the previous week. Although the sector has been doing well over the last few months, it has officially reached a phase known as “Extreme Greed,” which has the potential to cause an unheard-of upsurge going forward.
This optimistic trend in the market is entirely due to Bitcoin, as its consistent rise throughout the year and the last quarter has not only improved the performance of altcoins but also contributed to its overall domination. Given the present circumstances, Bitcoin appears to be at a turning point, with varying opinions over whether it will keep increasing or undergo a correction.
Both results are possible, but given the “extreme greed” mentality, traders would enter the market to avoid missing out on potential huge gains in the event that the coin prints some more. Although it is debatably difficult to forecast how high the price of Bitcoin will finish the year, one thing is certain: as the early January approval window date draws near, the excitement surrounding Bitcoin ETFs will intensify and influence market movement.
Bitcoin (BTC) price prediction gains traction
Numerous analysts have offered their opinions on what the future price of Bitcoin may be given its current state. Adam Back, CEO of Blockstream and a well-known investor, made one of the most well-known predictions of late: he suggested that the premier currency may eventually reach $700,000 as a result of the surge.
The SEC’s 90% chance of approving a spot Bitcoin ETF suggests that the coin’s severe greed classification may endure for a very long time.
