From extreme greed to unwillingness to sell; Can Bitcoin Set a New Record?

As the dominance of Bitcoin (BTC) increases, the market has entered a phase of “extreme greed”.

The crypto ecosystem has been on a different trajectory since the beginning of this month, 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 months, it has now officially entered 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 current outlook, the digital currency is now at a turning point where there are differing views on whether it will continue to rise or correct.

Both outcomes are likely, but given the “extremely greedy” sentiment prevailing in the market, we may see the entry 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 excitement and thus the price. .

One of the most popular predictions in recent times comes from investor and CEO of Blockstream, Adam Beck, who says that this rally may eventually take Bitcoin to $700,000.

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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 want 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 intelligence 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 interestingly, 36.6% of them chose the option “$1 million or never”. Therefore, if more than one-third of Bitcoin holders never intend to sell, it will put severe pressure on supply and demand, potentially driving up the price.

Meanwhile, 30 percent of respondents 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.