- Bitcoin’s new record high surpasses $79,000, signaling a strong bullish market and heightened investor optimism.
- Ethereum price increases to $3,200, fueled by Trump’s pro-crypto stance and investor confidence in a bullish Q4 rally.
- Crypto Fear & Greed Index shows ‘Extreme Greed’ at 78, with major gains expected as Bitcoin nears $80,000.
Bitcoin’s price soared to a historic high above $79,000, marking a 3.77% increase within the last 24 hours. Alongside Bitcoin, Ethereum also witnessed substantial growth, pushing past $3,200 and recording a 6.77% surge in the same period. This rapid uptrend has led to a large-scale liquidation event, with total liquidations across the crypto market reaching $349 million, reflecting intense trading activity and market sentiment.
Crypto Market Shows Strong Bullish Momentum
Investor confidence is currently elevated, with the Crypto Fear & Greed Index reaching a score of 78, indicating an ‘Extreme Greed’ sentiment. This optimistic outlook follows pro-crypto candidate Donald J. Trump’s victory in the U.S. presidential election, which has fueled expectations of favorable regulatory conditions for digital assets. Over the past week, Bitcoin has reached five new all-time highs (ATHs), while Ethereum’s resurgence signals renewed interest after a prolonged period of stagnation.
This bullish phase, however, isn’t driven by market sentiment alone. The U.S. Federal Reserve’s recent interest rate adjustments and the injection of liquidity into the economy through USD and USDT printing have further strengthened this rally, giving the crypto market a significant push.
The positive momentum is creating high expectations for Bitcoin to continue its upward trajectory, with seasoned analysts forecasting that the flagship cryptocurrency may hit a six-figure milestone between $100,000 and $150,000 by the end of Q4. This potential breakthrough could also trigger a so-called ‘alt season,’ where alternative cryptocurrencies, or altcoins, may follow Bitcoin’s trend and experience significant gains in Q1 2025.
Meanwhile, Ethereum’s continued growth is anticipated to benefit from these favorable conditions as investors seek to diversify within the crypto space. Many traders believe that a successful rally in Bitcoin could result in higher demand for altcoins, sparking widespread growth across the sector.
Crypto Market Enters the ‘Golden Pocket’ Period
A critical factor bolstering this bullish outlook is the entry into the ‘golden pocket’ period, which refers to the interval between U.S. Election Day and Inauguration Day. Historically, this phase has proven profitable for traders, as past bull cycles have shown increased Bitcoin activity and value gains during this time. With Bitcoin steadily approaching $80,000, market watchers are optimistic about further breakthroughs in the coming weeks.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
