Bitcoin price has reached a new all-time high of $80,000, marking a critical milestone in its price journey. This surge in value comes amid heightened trading volume and growing interest from both retail and institutional investors. However, as Bitcoin enters a phase of price discovery, there are mixed views on whether the asset will continue to rise or face a potential correction.
Bitcoin Price Reaches New ATH At $80k
The Bitcoin Fear and Greed Index has reached 78, signaling “Extreme Greed” among market participants. This high reading suggests increased enthusiasm and optimism, which can drive prices up in the short term.
Yet, extreme greed often precedes corrections as traders look to lock in profits, especially when prices reach historical highs. Ki Young Ju, CEO of CryptoQuant, pointed out that with 100% of Bitcoin addresses currently in profit, some investors may soon take advantage of the opportunity to sell.
“Bitcoin just entered the price discovery phase. We often see a correction when prices hit these levels,” Ju noted in a social media post, referring to previous instances when large investors opted to sell at peak prices, leading to pullbacks. With Bitcoin nearing $80,000, Ju and others expect a potential “wave-4 correction” before further upward movement.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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