Bitcoin is single-handedly responsible for this bullish trend on the market as its sustained growth all year round and over the past quarter has specifically changed the fortunes of altcoins, but much more has helped it expand its dominance across the board. With the current outlook, Bitcoin now sits at an inflection point, with divergent viewpoints on whether it will continue rising or make a correction.
Both outcomes are likely, but according to the “extreme greed” sentiment, we may likely see traders enter the market for Fear of Missing Out (FOMO) in case the coin prints some more impressive surges. While it is arguably hard to predict how high Bitcoin’s price will end the year, one certainty is that the will grow as we approach the early January approval window date, and as such, drive price action.
With the outlook of Bitcoin, tons of analysts have weighed in on what the price of the coin might be moving forward. One of the most popular such predictions in recent times came from popular investor and Blockstream CEO Adam Back, who noted that the rally .
With a 90% probability projection that a spot Bitcoin ETF will be approved by the SEC, the Bitcoin extreme greed designation might stay for much longer.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
