Bitcoin (BTC) rallied above the psychological hurdle at $50,000 today for the first time since May 15. The sharp rally of the past few days has turned the sentiment bullish, with many expecting the resumption of the bull run.
Morgan Creek Digital co-founder Anthony Pompliano told CNBC on Monday that Bitcoin could make a blow-off top, similar to the one seen in 2017 when the price had surged from “$10,000 to $20,000 in 18 days.”
The Crypto Fear & Greed Index has risen to 79, indicating extreme greed. Just a month back, the indicator was showing a reading of extreme fear at 22. This shows how the sentiment has changed completely within a few days.
In other news, on August 22, PayPal announced that it will provide cryptocurrency services to the residents of the United Kingdom. This step increases the penetration of digital assets because PayPal has over two million active users in the U.K.
Will Bitcoin and altcoins continue their up-move or will profit-booking set in? Let’s study the charts of the top-10 cryptocurrencies to find out.