The crypto market is leading the way for growth to new heights

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The crypto market continues to be in a positive frame of mind with a total capitalization of around $ 2.6 trillion. Bitcoin received support earlier in the week on a decline to $ 60,000 but failed to take the steady upward path. Volatility will likely increase as price moves out of the $ 60,000- $ 65,000 range.

Bitcoin continues to be a market driver and can be viewed with confidence as a sentiment barometer. The cryptocurrency greed and fear index is back in extreme greed mode at 76. The daily chart’s RSI index for the BTCUSD pair is some distance from the overbought zone at 62.

Technically, Bitcoin’s correction at the end of last week removed some of the local overbought areas after the rally since late September. For the bulls, this opens up opportunities for a buildup of buying with potential targets at $ 83,000. However, in the longer term, Bitcoin is only just beginning a new bullish momentum, targeting the $ 95-100,000 area. Up to these levels, we may not see a prolonged and significant pullback.

Several Bitcoin-ETFs were launched last week which got off to a very successful start and supported sentiment in the crypto market. A few more could be launched this week which should keep the overall positive sentiment in the market.

Of course, this factor cannot endure the crypto market indefinitely, and we will soon start to see the impact of other events.

One such event could be the start of compensation payments from the infamous Mt Gox Stock Exchange. The lenders have approved a compensation plan, and there is 150,000 BTC in the fund for this purpose. This is a huge number of coins, and many who have received such compensation will be selling theirs. The first thing to consider here is how many times the price of bitcoin has gone up since the exchange was hacked. At one point, Kobayashi, the asset manager of the exchange, became a central player in the crypto market; it could probably happen again.

While the price of Bitcoin is near an all-time high anyway, the processing power of the network never peaked in mid-May. The move of Chinese miners to Kazakhstan is probably over, in large part, making the country the number 2 in the world in hash rates. If the local authorities do not oppose child labor, the capacity will already continue to develop there. There are many factors that point to the likelihood of a continued rise in prices, which could start to boost the strongest FOMO in the history of the crypto market.

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