As the dominance of Bitcoin (BTC) increases, the market has eered a phase of “extreme greed”.
The crypto ecosystem has been on a differe trajectory since the beginning of this moh, with the price of Bitcoin hitting a yearly high of $44,600 after a nearly 16% gain last week. While the industry has had an overall bullish rally over the past few mohs, it has now officially eered a “severely greedy” phase that could lead to an all-time high from here on out.
Bitcoin seems to have been solely responsible for this upward trend in the market, and with the curre outlook, the digital currency is now at a turning poi where there are differing views on whether it will coinue to rise or correct.
Both outcomes are likely, but given the “extremely greedy” seime prevailing in the market, we may see the ery of FOMO traders, which in turn could drive Bitcoin's price even higher. to be Although it is difficult to predict what the price of Bitcoin will be at the end of the year, it is expected that as the possible approval date for spot Bitcoin ETFs approaches in early January, the market will increase in exciteme and thus the price. .
One of the most popular predictions in rece times comes from investor and CEO of Blockstream, Adam Beck, who says that this rally may eveually take Bitcoin to $700,000.
With a 90% chance of a spot bitcoin ETF being approved in the US, the feeling of “extreme greed” may linger in the bitcoin market for a little while longer.
Bitcoin holders do not wa to sell!
According to the results of a new survey, more than a third of Bitcoin holders are unwilling to sell, even if the price of this digital currency reaches $1 million.
On December 6, Michael Silver, CEO of business ielligence firm MicroStrategy, asked his 3 million followers on X how much BTC would have to rise in order to sell a small portion of their holdings.
The remarkable thing is that this simple survey received more than 87,000 responses in less than a day. This is not a small number, and more ierestingly, 36.6% of them chose the option “$1 million or never”. Therefore, if more than one-third of Bitcoin holders never iend to sell, it will put severe pressure on supply and demand, poteially driving up the price.
Meanwhile, 30 perce of respondes said they would sell some if the price of Bitcoin reached $100,000. About 19% were waiting for the target of $250,000 and 14% said that they would sell some of their bitcoins if the price reaches $500,000. Others said they cash out their reserves only when they need fiat for their expenses and bills.
Meanwhile, on-chain data analysis also confirms that most of the Bitcoin supply is being deactivated; Because the owners refuse to sell.
