Bitcoin’s Greed Index Rises For The First Time In Months
The recent Fear & Greed Index for Bitcoin has shown a surprising shift in how investors perceive the leading digital asset (BTC) over the past few months.
Rising Confidence In Bitcoin
Meanwhile, the sudden change in this index is related to a new development exhibited by BTC investors, who continue to show confidence in the future price surge of the asset. The “Greed” indicator signifies the aggregate assurance an asset depicts to investors in a moment of the market uptrend.
The greed signal comes when the value of Bitcoin stabilizes around the $23,000 mark after breaking the price resistance and outperforming other crypto assets at the start of the year. The rising value in this index indicates that traders are becoming more bullish on BTC and fear missing out on purchasing BTC at “bargain price levels” as its prices continue surging.
Last year’s woes in the crypto market forced many people to sell their coins, an action many of them regret. The index has been in the “extreme fear” region since March last year and has been dropping deeper in this region following the rising bankruptcy cases in the space.
Understanding Market Sentiments
Meanwhile, Mike McGlone, the Bloomberg commodity strategist and a crypto bull enthusiast suggested that investors should continue accumulating BTC before the price shoots up to $150,000. The strategist revealed that he is bullish about further market rallies following recent uptrends, which started in the first week of January 2023.
However, he cautioned that investors need to be careful with the current rally as it may be a bull trap, not an extended bull run. McGlone has previously stated that it is only a matter of time before the price of BTC hits $100,000 because the asset is seeing increased adoption and demand.
However, experts have warned about a possible price plunge in the coming weeks as the Fed raises rates, even though the rate hike may not be as aggressive as before.
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