The Fear & Greed Index in cryptocurrency has entered a state of 'Extreme Greed' with a score of 78 as the cryptocurrency market reflects the strong optimistic sentiment of cryptocurrency-supporting candidate, Donald J. Trump, following his victory in the U.S. presidential election. One of the biggest factors is that BTC has set 5 new ATHs this week and the price of ETH has surged after weeks of stagnation.

BTC reaches a new ATH and ETH surpasses $3,200

Specifically, BTC has surpassed $79,000, setting a new all-time high, up 3.77% in 24 hours. Meanwhile, ETH has crossed $3,200, rising 6.77% in 24 hours. Over the past 24 hours, the entire network has been liquidated for a total value of $349 million, of which $255 million was liquidated for short orders and $93.8068 million was liquidated for long orders.

With Bitcoin setting new ATHs almost daily, the optimism for a strong bullish rally in Q4 continues to grow. Most experienced cryptocurrency analysts and traders now expect this pioneering cryptocurrency asset to reach six figures from $100,000 to $150,000 by the end of Q4, triggering a subsequent altcoin bull season in Q1 of 2025.

Factors driving the bullish trend of the cryptocurrency market

This strong bullish trend is certainly closely related to the presidential victory of cryptocurrency-supporting candidate Donald J. Trump along with other supportive factors such as the U.S. Federal Reserve's interest rate cuts and the printing of money for USD and USDT. This immediate shift in the market has led many to believe that the super bullish cycle they have been waiting for has begun for the cryptocurrency market.

Another optimistic factor driving the bullish outlook of the market is that the cryptocurrency market has entered the 'golden window'—a promising trading period between the U.S. Election Day and Inauguration Day, where traders are known to have achieved astonishing profits in previous Bitcoin bull cycles. As BTC continues to show strong support, the market eagerly awaits a breakout above $80,000.

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