Bitcoin has enjoyed numerous price hikes over the last seven days. These hikes have resulted in the king coin gaining more than 6% in the last seven days. As the largest crypto by market cap increased in value, more traders are bullish and are even more are set to join the train.
While most traders are bullish a few are warning of impending doom that may send BTC back to $30k. Based on market conditions, it is very unlikely that bitcoin will sink as low as $30k anytime soon. We may see a massive price rally in the next 48 hours. Here is why;
The Growing Demand For The Coin
It is no news that El Salvador is making BTC its legal tender as it was announced on June 9. On June 9, Coinfomania reported that just a few days after revealing El Salvador’s intention to make bitcoin a legal tender in the country, President Nayib Bukele has announced the approval of the proposed bitcoin bill. The president stated that the Salvadoran Congress has given the green light to legalize the use of bitcoin in the country, with a total of 62 out of 84 votes.
The 7th of September will signify the start of the use of BTC as a legal tender. In solidarity with the Salvadorian Government, crypto enthusiasts all around the world are planning to buy at least $30 worth of bitcoin in the next 24 hours. This action may trigger scarcity and lead BTC/USD pair into the continuation of the uptrend.
The Fear And Greed Index
The fear and greed index also agrees with the above prediction. As of last week, the fear and greed index averaged at 73; showing greed present in the market. As of the time of writing, the fear and greed index is tilted towards extreme greed as its current reading is 78.
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