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Market Enters 'Extreme Greed' as Bitcoin (BTC) Dominance Expands

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Wed, 6/12/2023 - 16:30
Market Enters 'Extreme Greed' as Bitcoin (BTC) Dominance Expands
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The crypto ecosystem has been on an eclectic ride since the start of the month, with the Bitcoin (BTC) price hitting its best level for the year at $44,408.67 after soaring as high as 15.43% for the past week. While the industry has retained a positive edge over the past few months, officially, it has entered an "Extreme Greed" phase, which can spark an unprecedented surge from here on out.

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Bitcoin (BTC) Price Tops $43K, Analyst Predicts Short-Term Peak Amid Spot ETF Buzz

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 Bitcoin ETF hype will grow as we approach the early January approval window date, and as such, drive price action.

Bitcoin (BTC) price prediction gains traction

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Bitcoin (BTC) Price Reaches New 2023 High. Key Reasons Why

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 might push the premier coin to $700,000 eventually.

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.

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