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Despite the recent rollercoaster situation in the cryptocurrency market, participants are experiencing more adrenaline than fear.

Is Greed Dominating the Market?

According to the popular Crypto Fear & Greed Index, greed is currently dominating the market, reaching its highest level since July this year. The index now stands at 73.

In comparison, just three days ago, on October 11, the index was at 32, indicating extreme fear. The increase to 73 represents more than a 128% jump, approaching levels that signal extreme greed.

Bitcoin (BTC): Price Outlook

Bitcoin has seen a growth of over 7.5%, reaching the $68,000 mark. More significantly, it broke through a key dynamic resistance level that had impeded its price for six months.

Typically, this movement was fueled by a mix of bullish and bearish news, along with regulatory influences and political developments in the U.S. leading up to the November elections.

Despite the apparent uncertainty marked by fluctuating price movements and overarching sentiments of fear, Bitcoin has attained its highest price since late July, coinciding with a shift towards greed.

What's Next?

If we follow the logic of fear leading to growth, the market may soon experience a transition where greed leads to a decline. However, as cryptocurrency markets are unpredictable, a simple formula would make everyone a millionaire.

This article was originally published on U.Today