Bitcoin Investors Remain Greedy Despite High Market Volatility – Report
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report
Bitcoin (BTC) investors are showing a high level of optimism despite the recent price volatility, with the Fear & Greed index tracked by Coinstats Explorer indicating a strong and bullish market sentiment. Currently, at a level of 64, the index is very close to its high of the year, suggesting that investors are more greedy than afraid.
The Fear & Greed Index uses a number of factors, including social media posts and Google Trendsto measure sentiment in the bitcoin market and assigns a score from 0 to 100. A score above 55 indicates a prevailing feeling of greed, while a score below 45 indicates fear. Despite recent price swings between USD 31,000 and USD 26,600, the index shows that BTC investors remain optimistic about the future of the cryptocurrency.
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Bitcoin has maintained a bullish market sentiment for most of 2023, hitting a high of 68 this month. This level has not been observed since 18 months ago, when Bitcoin reached its all-time high of $69,000. This month, the cryptocurrency’s price peaked at $31,000, the highest point in nearly a year, with greed reaching a level of 68. Although bitcoin later fell to $26,600, market sentiment remains high.
Will Bitcoin Reach $40,000?
The recent price surge over the past week has resulted in renewed predictions from analysts and stakeholders about the future of the leading coin. While some believe a major correction is coming, others have a positive view of the market trend.
One of these is popular market analyst Michael van de Poppe, who believes a correction is healthy for Bitcoin. He predicts that if Bitcoin remains above $25,300, it will continue to increase towards the $40,000 to $50,000 levels. Van de Poppe further demonstrated his thoughts using a chart, which showed that this price level had been key in the past, acting as a support and resistance zone for Bitcoin minimum and maximum values in 2021 and 2022.
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Van de Poppe believes that with Bitcoin’s strengthening of over 60% so far this year, it could continue to rise to more than $40,000 in the second half of 2023. He also envisions a reversal to $30,000, the current resistance, which will be the support for it. .
However, he noted that this scenario depends on the US Federal Reserve not swinging or changing monetary policy. For now, the Fed shows no indication of changing its decision to raise interest rates, which could affect the cryptocurrency’s price.
Santino Cripto, a prominent market analyst, also shares this view. He believes Bitcoin could reach $40,000 by August. One of the factors cited for this estimate is that BTC’s higher minimum prices indicate an uptrend. According to him, the market correction this week is similar to previous weeks and shows a natural and rational phenomenon during a bullish season.
Bitcoin price
At the time of writing, Bitcoin is up 1% in the last 24 hours and was trading at $29,319 with a market dominance of 47%.
Featured image from istock.com, charts from Coinstats, Twitter and Tradingview.
