Some indicators suggest that Bitcoin could face a correction. The Crypto Fear and Greed Index has reached 90 points, indicating “extreme greed”, which could signal an extension of the current rally or a sharp drop in the short term.
Bitcoin (BTC) is on the brink of hitting all-time highs. The leading cryptocurrency reached US$68,700 and then fell back to US$67,282 where it is currently. This increase in the price of BTC boosts other digital assets, which show strong increases in the last 24 hours, especially ‘meme coins’ (Shiba Inu (SHIB) is up 44%), taking Ethereum (ETH) to almost US$3,700.
Experts point out that Bitcoin broke its week-long sideways consolidation, just below $64,000, and it appears it’s only a matter of time before the leading cryptocurrency hits a new all-time high. and surpass the u$s69,000. Furthermore, its market capitalization (u$s1.3 billion) currently exceeds that of stock market giants like Meta, Facebook’s parent company ($1.29 billion).
This sharp increase is attributed to several factors:
- The increase in demand, the proximity of the ‘halving’ (halving of block mining rewards), u
- A persistent decline in supply
- And above all, a buying frenzy around cash exchange-traded funds (ETFs).
BlackRock’s iShares Bitcoin Trust (IBIT) fund surpassed u$s2.1 billion in traded volume this Monday, recording its third best day, surpassing in volume the SPDR Gold Shares (GLD), the largest gold ETF listed in the US. This not only offsets all the outflows from the Grayscale Bitcoin Trust (GBTC) but is reaching staggering numbers that surprise analysts.
Analysts anticipate that the US$69,000 They are closer than you think. Markus Thielen, Founder of 10xResearch, Predicts Bitcoin Price to “Amazing” This Week, suggesting new all-time highs. Cryptocurrency analysis firm Swissblock also highlights Bitcoin’s strong momentum and the entry of new buyers, as well as a “plausible target” of $70,000.
However, some indicators suggest that Bitcoin could face a correction. The Crypto Fear and Greed Index has reached 90 points, indicating “extreme greed”, which could signal an extension of the current rally or a sharp drop in the short term.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
