Bitcoin shot up by more than 10% over the past week and one analyst does not expect another correction until the price of 90,000 dollars. “I believe this is a real deal market pump because the fundamentals and technicals complement each other,” Roman told Cointelegraph.

According to him, the correction from $73,800 to $56,800 was a decline we needed for higher future prices.

Bullish reversal pattern for Bitcoin

According to the analyst, there is currently a “bullish reversal pattern” in the Bitcoin chart. Roman sees that as a strong indicator that we will not fall back into a new period of consolidation until the March 14 all-time high of $73,800 has been surpassed by at least 20%.

“I think we’ll move up to at least $90,000 to $100,000 before we see another period of consolidation or corrections,” he said.

However, Bitcoin’s latest price rise is also the result of renewed optimism over the rapid approval of the Spot Ethereum ETF in the United States.

It is possible that the US Securities and Exchange Commission (SEC) will approve Ethereum ETFs within the next few days.

Extreme greed returns to the market

With the optimism there was also extreme greed in the market. The famous Fear & Greed Index (an indicator to measure sentiment) shot up by 12 points in 24 hours to reach 76/100 – which, according to the index, represents extreme greed.

The positive sentiment came after it was reported that the SEC urged Ethereum ETF applicants to hurry with their 19b-4 filings. This indicates that the committee is probably ready to approve the Ethereum ETFs.

It is funny that Bitcoin jumped because of this news. In principle, this of course creates “extra competition” for Bitcoin in the ETF world. Although it remains to be seen to what extent Ethereum can be a competitor to Bitcoin.

That has not been successful in recent years and the attempt to “brand” Ethereum as an even better form of money than Bitcoin was not really successful.

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