Bitcoin (BTC) escaped from the “extreme fear” zone after 73 days on Tuesday, coinciding with a 19% weekly increase in Bitcoin (BTC) as the bulls return to the market.
The Crypto Fear and Greed Index rose from “extreme fear” to just “fearful” on July 19, reaching a score of 30 out of 100. It has since increased slightly to the current index score of 31.
The index analyzes the current sentiment of the overall crypto market, scoring between 0 and 100. The index is primarily based on bitcoin market volatility, volume and dominance, social media sentiment, survey and search trend data.
on-chain metrics firm sentiment Noted on Twitter that traders are “changing their tune” and starting to look towards the cryptocurrency’s long-term breakout.
According to the firm, the average funding rate of BTC on exchanges has reached its highest level in the past two months as the price of BTC surged above $23,600 – which could indicate a level of Fear of Missing Out (FOMO) .
Traders are changing their tune and smelling a long term breakout after a major #bitcoin Tuesday #1 in the market with cap assets #crypto increasing, the ratio between $BTC #longs And #Shorts is at its highest level since the beginning of May. look for #FOMO, https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1
— sentiment (@santimentfeed) 19 July 2022
Mike Novogratz, CEO of Galaxy Digital, told a Bloomberg conference call on June 19, “As optimism continues for the main cryptocurrency, he expects BTC to rise to over $500,000 in the next 5 years.
“It is a story of two things – it is about adoption and global economics. And while this is a bump in the path of adoption, it is certainly not a U-turn”.
“We continue to look at institutions […] Those who have not yet joined, who see this as an opportunity,” he said.
Novogratz also believes that “the worst has happened” and that “we are now rebuilding with a few good days in a row. There is a good story with Ethereum and Merge, the global macro market maxing out.” are in recession”
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On the other hand, Grayscale’s “Bear Markets in Perspective” report suggests that the current bear market could last another 250 days.
Product-comparison platform Finder made a similar prediction as part of a bitcoin prediction survey on July 12, in which five of Finder’s fintech professionals and 53 industry experts suggested that BTC is worth $100,000 before 2025 and $300,000 before that. would be below 13,676. 2030.
The price of bitcoin is $23,318 at the time of writing.
