The crypto ecosystem has been on an eclectic ride since the beginning of the month, with the price of bitcoin (BTC) hitting its best level of the year at $44,408.67 after rising as much as 15.43% over the past week. While the industry has officially entered an “Extreme Greed” phase over the past few months, it is poised for an unprecedented surge from here.
Bitcoin is single-handedly responsible for this bullish trend in the market, as its sustained growth throughout the year 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 is now at an inflection point, with differing views on whether it will continue to rise or experience a correction.
Both outcomes are likely, but given the “extreme greed” sentiment, we may see traders enter the market for fear of missing out (FOMO) if the coin continues to make impressive gains. While it is arguably difficult to predict where bitcoin will end the year, one certainty is that it will grow as we approach the early January release window date and thus drive price action.
Bitcoin (BTC) Price Forecast Gaining Traction
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 recently 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, bitcoin’s “extreme greed” designation could remain for much longer.
